Australian shares are set to open higher, RBNZ decision, US CPI, June jobs top agenda, follow for updates.
Citi analysts have cut their price target for small-cap retailer City Chic by 25 per cent after trimming the earnings-per-share forecast.The reduction reflects an observed fall in website traffic which has been “weaker than expected in the fourth quarter of 2022”.
“Our analysis indicates City Chic group website visits declined on average -9 per cent over June 2022, with all websites experiencing a decline in visits, except City Chic Australia,” Sam Teeger and Siraj Ahmed said. “With group website visits for the second half of 2022 up 5 per cent on the prior corresponding period, we have downgraded our second half 2022 estimated online sales growth forecast from 42 per cent to 38 per cent.”
Analysts say website visits are an important driver of online sales, given online sales accounted for 80 per cent of City Chic’s total revenue in the first half of 2022.
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