Luxury online platform Cettire has reported a total sales revenue slip of 3 per cent in the first quarter FY26, predominantly driven down due to “headwinds” in the United States.
Total sales revenue hit $150.3 million in the first quarter compared to Q1 FY25, with US gross revenue down 15 per cent. Excluding the US, gross revenue was up 18 per cent.
Cettire’s margin has also suffered further, dropping to 15 per cent in Q1 FY26, a 110 basis point fall from the full-year in FY25 of 16.1 per cent, and significantly down from FY24 when margin was above 20 per cent.
The luxury platform’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was up, however, by 0.5 per cent to $2.5 million.
Cettire founder and CEO Dean Mintz said despite the challenging industry backdrop, his company has remained focused on executing its plan to profitably grow Cettire’s share of the global personal luxury goods market.
“The company has continued to deliver on its long-term strategy by growing its supply chain, further enhancing its technology platform and building the team,” Mintz said. “The company’s ongoing localisation initiatives have further diversified our revenue.
“While the USA continues to experience some headwinds related to a softer consumer environment and changes in trade policy, Cettire’s business outside of the USA experienced strong sales acceleration in the quarter, with gross revenue increasing 18 per cent year-on-year (Q4 FY25: -1 per cent).”
Much of the headwinds faced by Cettire in the US is likely due to ongoing tariff policies and the scrapping of the de minimis exemption.
Mintz also noted that the delivered margin of 15 per cent for Q1 was an improvement compared to the fourth quarter of FY25.
“Strong returns on marketing investment led to a reduction in marketing spend relative to sales, which was below 6 per cent for Q1 FY26,” Mintz reported. “In line with its self-funding model, Cettire pleasingly achieved an Adjusted EBITDA during the quarter of $2.5 million, reflecting a ~$10 million sequential quarterly improvement as well as an increase of $0.5 million on the prior corresponding quarter.
“The company’s net cash balance was $37.7 million at period end.”
The trading updater also showed that Cettire’s active customers fell by around 8 per cent to 640,654 – down from 698,066 in Q1 FY25. However, gross revenue from repeat customers lifted by 1 percentage point to 68 per cent.
Looking ahead, Cettire pointed to a continued uncertainty within the global personal luxury goods market in the short term, with softer demand and volatility in daily sales persisting, particularly within the USA – Cettire’s largest market. In its FY25 annual report, Cettire noted that its US revenues represented “approximately half the revenue base”.
“The company is continuing to focus on further geographic diversification of its revenue base, underpinned by its localisation strategy,” Cettire shared in its trading update this morning.
“Cettire remains relentlessly focused on its strategy to grow profitably while self-funding. Its immediate objective is to deliver ongoing profitability in Q2.”