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CCX, CITY CHIC COLLECTIVE LIMITED
nipper
post Posted: Feb 16 2019, 07:10 AM
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QUOTE
City Chic Collective (ASX: CCX), which was previously known as Specialty Fashion Group, is a leading retailer in plus-sized fashion. We first invested in CCX in April 2018 after it sold five of its six brands to Noni B in order to concentrate on the City Chic brand and improve its balance sheet.

This week CCX reported its results, exceeding market expectations. The first half FY19 saw like-for-like store sales growth of 9.6% and earnings before interest, taxes, depreciation, and amortisation up 22%. Another bright spot was the 29% growth in online sales, their most profitable channel, with strong results from Australia, New Zealand and the US. Additionally, CCX declared a 2.5 cents per share dividend and a 2.5 cents per share special dividend, payable on 19 March 2019.

We continue to hold CCX as a research-driven investment in WAM Capital, WAM Research and WAM Microcap as we believe it has been able to generate strong store growth and has managed a successful entrance into the US market. The business has carved out a niche in plus-sized female apparel in all markets, and growth will come through online and new store roll outs. CCX shares closed up 43.9% for the week.
- Wilson Asset management

..... must have hurt a lot of punters on the way down



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
PeterH
post Posted: Feb 23 2016, 01:18 PM
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In Reply To: alonso's post @ Feb 23 2016, 10:58 AM

I felt a bit lonely when I topped up a couple of times when it dropped to 50 cents but now I am starting to thaw out. It can be incredibly difficult to swim against the market and at times like that I just have to close my eyes and think of J. P. Getty. But now they tell us that the Rivers' stock is cleared there are no more big obstacles in the way.

Another fear was whether the change in the targetted market would work - Rivers shifting its sights from the youth market to the middle market - but it seems to be working out OK.

Those who have not shopped in the U.S. may not appreciate what a presence in Nordstrom and Macy's represents. These could not have been easy to arrange. I am curious, however, as to how big a presence it is. I trust that it is more than token.

I am guessing that the share price will present more buying opportunities between reporting seasons.

 
alonso
post Posted: Feb 23 2016, 10:58 AM
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In Reply To: alonso's post @ Nov 19 2015, 02:19 PM

Quite a spring in the step today and not even a div.
It seems that Rivers is indeed turning around and online sales are doing pretty well.
I'll be going into Rivers next week maybe, haven't been there in a while, so I'll get a feel for how it's going.



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"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." Adam Smith
 
alonso
post Posted: Nov 19 2015, 02:19 PM
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In Reply To: PeterH's post @ Nov 19 2015, 01:54 PM

I can't remember exactly, you'll have to look at the ann. But to the effect they were a) happy with their investment and b) were not looking to acquire SFH.
Yep, I'll see it through with SFH because I think it'll turn around.



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"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." Adam Smith
 
PeterH
post Posted: Nov 19 2015, 01:54 PM
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In Reply To: alonso's post @ Nov 18 2015, 02:01 PM

What did the Cotton On people have to say Alonzo?

BTW, I am sticking with SFH. If Rivers is repairable then SFH is right for averaging down and I can't see how Rivers is not repairable. If it were not repairable then it is easily cut loose - same result, with the rest of the chain doing well.

 
alonso
post Posted: Nov 18 2015, 02:01 PM
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In Reply To: nipper's post @ Nov 17 2015, 05:45 PM

The ydefinitely seem to have bought a pig in a poke. Who would have thought it? I certainly didn't.
But the news out of this AGM seems to indicate they are gradually getting on top of it. Interesting what the Cotton On people
have to say.



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"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." Adam Smith
 

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nipper
post Posted: Nov 17 2015, 05:45 PM
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In Reply To: mcart117's post @ Feb 21 2014, 11:45 AM

QUOTE
the Rivers purchase caught my attention


but others were not paying enough attention, it would seem:
QUOTE
Specialty Fashion thought it was getting a bargain when it struck a deal to buy value fashion chain Rivers from founder Philip Goodman for just $4 million two years ago. But when Specialty finally got the keys to the 28-year-old retailer it found more than it had bargained for – 8.6 million pieces of aged stock sitting in warehouses.

"At one stage we thought about dumping it all at sea," Specialty Fashion's outgoing chairman Geoff Levy told shareholders at the annual meeting on Tuesday. "Until you cleared that stock you couldn't bring in new goods," Mr Levy said. "And it's not that easy to sell 200 pairs of size eight purple ugg boots."

Specialty's core brands traded well in the last financial year and underlying earnings rose almost 20 per cent to $41 million, but half of this was wiped out by losses at Rivers; it lost $21.6 million, dragging Specialty to a bottom-line loss of $4.5 million, compared with a $12.5 million net profit in 2014.




--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
alonso
post Posted: Jan 16 2015, 09:18 AM
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In Reply To: mcart117's post @ Jan 5 2015, 02:07 PM

Prelim 1st half results are out. I'm well satisfied with what they have to say about the integration of Rivers and about performance generally.



--------------------
"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." Adam Smith
 
mcart117
post Posted: Jan 5 2015, 02:07 PM
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In Reply To: alonso's post @ Jan 5 2015, 10:54 AM

Thanks Alonso and PeterH. Glad you are both positive.

I walked into Rivers, Midland, WA the other day and nothing had changed from my previous visit before the SFH purchase. Same boring range of shoes and shirts, same prices as Big W for similar quality, so not worth making a special journey, same disinterested staff, and very few customers.

Maybe it's hotter over East. rolleyes.gif

 
alonso
post Posted: Jan 5 2015, 10:54 AM
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Hi mcart, PeterH,

Yep I still follow SFH and hold a few. (I won't mention my disastrous decision to quit PMV though)

I think the pretty smart people, as Peter says, at SFH would have been fully aware of the advantages & disadvantages of taking on Rivers. In this market nothing is going to be quick to turn around, but I think they saw a market spot that was worth having and I'm confident they were right. I was going to say, but Peter already said it, the consequences - all good for Oz - of the lower dollar are going to affect all importers just as much as SFH. I don't know how much of the ragtrade comes out of China anymore, I would have thought mostly it was Bangladesh & Thailand, and China's costs are impacted as well by their own rising wage levels.

Another factor I'm watching for - and it can't come too soon - is the GST on o/s online, though this will be difficult to introduce I imagine.

I'll continue to hold.





--------------------
"The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true"

"What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." Adam Smith
 
 


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