City Chic, the ladies’ plus-size retailer backed by billionaire Brett Blundy, has announced a return to profitability. However, the company anticipates its full-year earnings will fall short of expectations due to underperformance in its United States operations. City Chic offers a range of apparel, footwear, and accessories catering to plus-size women. The company operates both online and through a network of retail stores.
In a recent trading update, City Chic projected underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) to be between $6 million and $6.5 million for the full year ending June 29. While this marks a significant recovery from the $8.4 million loss reported in the previous year, it remains below the previously forecasted profit range of $8 million to $12 million.
Phil Ryan, Chief Executive Officer of City Chic, commented on the company’s progress. “We’re making strong inroads in our margin improvements and cost base reductions and are now focused on driving revenue growth that will deliver sustainable profitability,” Ryan stated, highlighting the company’s strategic efforts to bolster its financial performance.
