Australian-born global luxury marketplace Cettire has recorded a 98% lift in gross profit for the quarter ending September 30, 2023.
This is a lift from $84.4 million in the first quarter of FY23 to $167.4 million in Q1 FY24.
Cettire sales revenue surged by 92%, hitting $127.1 million, with adjusted earnings before interest, tax, depreciation and amortisation of $8.7 million on a margin greater than 20%.
Cettire’s active customers grew by 67%, hitting 487,289, with gross revenue from repeat customers reaching 59% and average order value (AOV) growing by 2% to $731.
“Cettire continues to rapidly increase penetration within the large global personal luxury goods market,” founder and CEO Dean Mintz said. “During the period, we experienced broad-based momentum across both established and emerging Markets, supported by our localisation initiatives and marketing execution.
“We observed strong customer growth and an increase in AOV towards the quarter end in line with the transition to the traditionally stronger fall-winter season.
“The demand environment remains healthy and our focused execution is reflected in the robust quarterly performance and our momentum early in Q2, with October month-to-date-sales revenue increasing 80% from the prior corresponding period.”
Cettire added that marketing investment - including brand investment - was in the high single digits per cent of sales revenue
The company’s net cash balance increased to approximately $59 million at period end.
"We continue to operate the business to maximise revenue growth, whilst also delivering profitability and cash generation,” Mintz said. “Whilst Q1 is traditionally a seasonal low point, we observed an improvement in profit trends during September which provides confidence in the Q2 outlook.
“The positive quarterly cash flow was supported by the underlying trading performance, supportive working capital dynamics and conversion of receivables to cash.”