The half year release stated that revenue growth in the 1 Jan...

The half year release stated that revenue growth in the 1 Jan 2025 until 23 February 2025 period was:

-Australia +30%
-USA +9%

In this release, the revenue performance for 1 January 2025 until 4 May 2025 period was:

-Australia +17%
-USA -(minus)13%

This would indicate that sales in the USA are deeply negative in the period between 23 February and 4 May.

Sales prices in the USA have yet to be impacted by tariff repricing. The White House Liberation day was 2nd April.

CCX says the performance for USA is due to consumer volatility due to tariffs.

In my view this is an abhorrent lie. Retail sales are down due to poor managerial performance.

Grounds for Director and senior executive changes are mounting.

It is understood that if tariffs are implemented at the percentages stated by the White House it will essentially make it infeasible to sell product sources from China all else holding equal. This risk applies to all companies.

It is also understood that a company that is relying on approximately $10 million of garments purchasing at cost to supply its entire annual USA channel sales has more than sufficient time to find alternative (country) sourcing and/or mitigate its exposure by alternative means, some of which are stated in the announcement.

The company continues to lack a coordinated and appropriately led strategy in foreign markets.

Fault lies at the Board’s feet. I remind the Chairman of his 2024 AGM speech:

”That being said, and notwithstanding the recent improvement in performance, the Board and management absolutely and viscerally understand and are on notice (EMPHASIS), that in the absence of a return to profitability in FY25, action needs to be taken in terms of some or all of us who have leadership positions at City Chic.”