CCX
The City Chic result is out.
That’s quite a miss. The below is the actual, compared to consensus. Well below, across the board.
The trading update is my least favourite kind of update, words that don’t permit you to readily interpret underlying dynamics. A picture would be worth a 1000 words here, unless you plan to spend half a day with investor relations going over line by line.
We’ve written quite a few notes about the retailers, over the past 6 months, and over and over we’ve stressed the risks regarding inventory.
These will not be moved without heavy discounting, and product obsolesce in the fast moving world of fashion is a thing.
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