City Chic Collective Limited

FY26 revenue was $130.5 million. Excluding the closed U.S. wholesale business, revenue increased 1.8%. Underlying EBITDA increased 92% to $12.3 million. Trading gross margin was 60.6%, up 209 basis points, and ANZ comp sales grew 5.6% with comp margin dollars up 7.8%; ANZ revenue increased 7.6%. Inventory finished at $24.1 million, down 11% year-on-year, and net cash was $5.2 million. Management did not give formal FY27 full-year financial guidance, but said the first 7 weeks of FY27 were encouraging: overall sales were flat, store comp sales were up 11.4%, online remained pressured by lower promotions, and U.S. revenue and margin trends were improving. Management said gross margin had stabilized at its targeted level, U.S. investment in inventory and new product should drive a material improvement in revenue and margin through the second half, and the company remains focused on profitable revenue growth.

Phil Ryan framed FY26 as proof that the strategy is working, emphasizing customer, product, and cost discipline. He highlighted record customer counts, record NPS, stronger social sentiment, and traffic growth as evidence that the brand is regaining momentum, while stressing that the company is not cutting price but instead shifting mix toward value. His tone was constructive and confident, repeatedly saying the business is in a much stronger position and has a clear platform for sustainable profitable growth.

James Plummer focused on the financial quality of the year: EBITDA rose to $12.3 million, cost of doing business fell by $7.1 million, operational marketing costs were down almost 25%, wages were down 5.5%, and other operating expenses fell by over 20%. He said the business ended with net cash of $5.2 million, repaid $5 million of borrowings, and finished with the debt facility undrawn; the facility was also extended through March 2028 on unchanged terms. He noted inventory fell by more than 11% due to lower U.S. purchases and tighter working capital management, and said the company had completed the first of two FY27 covenant clean-down requirements.

There was no analyst Q&A; the operator announced that no questions were received. The closest thing to a live discussion came from management’s prepared remarks, where they addressed the main concerns themselves: cost of living pressure in ANZ, tariff-related volatility in the U.S., and the short-term conversion impact from reduced online promotions. Management said the U.S. reset is complete, inventory investment is increasing again, and early FY27 trends are encouraging, especially in stores and in U.S. dress ranges.