Brokers have turned on former market darling Cettire, slashing their price targets in half after the online fashion retailer’s shock profit downgrade led them to question whether the company could restore its earnings power.
Cettire blamed intense discounting by its failing competitors as the factor behind its falling margins after it told the sharemarket its profit would be more than 20 per cent below the consensus estimate, implying an unprofitable fourth quarter.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
