News: CCX City Chic Collective Remains On Track To Achieve Positive Net Cash Position At End Of FY23

May 22 (Reuters) - City Chic Collective Ltd (CCX) :

• REMAINS ON TRACK TO ACHIEVE A POSITIVE NET CASH POSITION AT END OF FY23
• CURRENT A$46.5 MILLION DEBT FACILITY HAS BEEN AMENDED
• DECIDED TO ACCELERATE ITS INVENTORY UNWIND, WITH FOCUS ON EMEA GIVEN ADDITIONAL INVENTORY IN THAT MARKET
• INVENTORY IS EXPECTED TO REDUCE FURTHER THROUGH FY24, WITH MARGINS LIKELY TO REMAIN SOFT THROUGH H1 FY24
• EXPECTS TO HAVE A STRONGER INVENTORY POSITION FROM Q2 FY24
• INVENTORY UNWIND EXPECTED TO DRIVE CASH FLOWS AND REDUCE INVENTORY BALANCE AT END OF FY23 TO LESS THAN A$100M
• GROUP SALES FOR 45 WEEKS TO 14 MAY 2023 ARE DOWN 15.2% TO A$262.2M