The updates to date have all been about things are ok, headwinds...

The updates to date have all been about things are ok, headwinds noted, but their self proclaimed CCX brilliance will keep them growing, that their management team had a special connection with ‘her’ like no one else.

THUD.

This has proven to be false. Online sales have collapsed, USA sales are in free fall; CCX management are not in fact masters of the plus size universe and their organisational weakness has been exposed.

The fact that the Board and Phil Ryan are mainly relying on discounting to reach sales targets rather than business and wealth creating geographic and product group expansion is telling. There was dead silence on this in the AGM release.

When is the group selling into new regions other than the UK via Evans from their own direct channel (eg Ireland), or proper Canadian based CCX localised online channels by way of examples. The third party seller site thing is not going to get us to $1 billion in sales in the next 3 years.

This then leads to the question as to whether this Board and the current CEO and his executive management team posses the capability to manage international operations and lead the group to long term growth in the USA, UK and Europe.

Should Phil Ryan, who owns very little equity and who sold his stock for $6 a share which was given to him for nil cost as performance rights be removed, demoted to say a ANZ sales or product sourcing managerial role or given a little more time to get growth back on track?

Can we imagine Jeff Bezos telling Amazon shareholders back when it was a minnow that it couldn’t increase sales, in fact deliver negative sales because of economic conditions?

How in the hell can you justify negative sales growth in the USA and on an overall company basis when you represent only 0.2% of the addressable market.

0.2% - repeating again: 0.2% market share. It rounds down to Zero - yes, ZERO %.

The targets are moving towards them and shareholders won’t stay patient for too much longer.

We are not going to let another Gary Perlstein disaster repeat here. The whole Alexandria comfy clothing club scene has run its course.

Michael Kay and Phil Ryan need to get onto a plane and move to the USA immediately- pack their bags and get the next plane out of Sydney to address CCX’s declining sales in its international ‘growth’ markets of the USA, Europe and UK.

Whilst sitting in the plane they should also pen an apology to shareholders for taking their funds at $3.05 in 2020 and trashing the share price since then. They have shown no remorse and will be punished for this.