Australian plus-size fashion firm City-Chic said total revenues for the half-year increased 39%, on the back of increased sales across its domestic and northern hemisphere markets.
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Formerly known as Specialty Fashion Group, City Chic – the owner of fashion-forward plus-size retailer City Chic, youth plus-size retailer CCX, conservative plus-size retailer, Avenue and intimates and playwear plus-size retailer, Hips & Curves – said total revenues reached $104.8 million.
Comparable sales for the 26 weeks ending 29th December, 2019 were up 11.3%, the company said in an earnings update.
Underlying earnings before interest, tax, depreciation and amortisation grew 20.8%, while profit margins declined by 6.2% for the half, partially due to its acquisition of U.S. retailer Avenue and higher fulfilment costs, with more customers shopping online.
More than half (53%) of the company’s sales over the last 12 months were felt online, up 9% from the 2019 financial year.
“The first half saw another strong performance from our global online business, which now represents over half of our total sales. We grew our customer base by 130,000 and expanded our product offering for the plus-size market. Across our brands, we produce over seven hundred styles per month and we are focused on leveraging this offering across our channels, segments and regions,” said Phil Ryan, chief executive officer and managing director of City Chic.
Ryan went on to praise the company’s recent acquisition of American plus-size brand Avenue, adding the retailer has “significantly grown our U.S. customer base and demographic reach” and “delivers on our strategic intent to become a global online retailer.”
During the six-month period, City Chic said it had increased its average sell price, implemented its customer-centric operating model and rebuilt its stock position.
City Chic currently counts 107 physical store locations across Australia and New Zealand.