City Chic Collective (CCX) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with introductions of directors, officers, auditors, and share registrar representatives.

• Quorum confirmed, meeting recorded and webcast for shareholders.

• Chairman and CEO delivered addresses, setting the stage for the AGM and outlining the focus on transformation and growth initiatives.

Financial performance review

• FY2024 revenue was AUD 131.6 million with an underlying EBITDA loss of AUD 8.4 million.

• Cost of doing business reduced from AUD 132 million in FY2023 to a projected AUD 73 million in FY2025.

• FY25 first 20 weeks showed trading gross margin up 11% and average selling price up 32% on PCP.

• Cash position strong with over AUD 10 million and an undrawn AUD 10 million facility as of 27 November 2024.

• FY2025 financial targets set at AUD 142–160 million revenue and AUD 11–18 million EBITDA.

Strategic initiatives and plans

• Business transformation completed: Avenue and Evans divested, brand refresh, inventory normalized, and cost base right-sized.

• Cost reduction initiatives delivered AUD 20.3 million in annualized savings, including headcount and fulfillment changes.

• Omnichannel strategy emphasized, with a pipeline of 120 stores in Australia and a planned U.S. pop-up store trial in 2025.

• USA growth prioritized with executive team restructuring, local hiring, and multi-channel expansion including pop-up stores and Amazon partnerships.

• Product assortment revitalized, new lines introduced, supply chain made more agile, and digital marketing targeted at high-value customers.