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City Chic Collective Limited (CCCHF) Q4 2026 Earnings Call August 23, 2026 7:30 PM EDT

Company Participants

Philip Ryan – CEO, MD & Director
James Plummer – Chief Financial Officer

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Presentation

Operator

Ladies and gentlemen, thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the City Chic Collective Full Year 2026 Results Conference Call. [Operator Instructions]

I would now like to turn the conference over to Phil Ryan, Managing Director and CEO. Phil, please go ahead.

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Philip Ryan
CEO, MD & Director

Good morning, everyone, and thanks for joining us. I’m Phil Ryan, the CEO of City Chic Collective, and I’m joined today by our CFO, James Plummer. This morning, I will run through the presentation, starting with the key highlights and business update. James will then take you through the financials, and I’ll come back to discuss the FY ’27 trading update and outlook before opening up to questions.

Moving to Slide 2. FY ’26 was another important year for City Chic, and I’m very pleased with the progress we have made. Underlying EBITDA increased to $12.3 million, up 92% on the prior period. This was driven by the continued execution of our strategy across customer, product and cost discipline. ANZ revenue was up 7.6% and trading gross margin dollars were up 8.2%. This shows that the strategy continues to gain traction even in the consumer environment that remains challenging due to the cost of living crisis. The continued improvement in margin demonstrates the success of our strategic focus on product elevation and pricing discipline with average selling price increasing a further 4.5% in FY ’26. Cut for Curves is our Fit Promise to our customer. It’s at the core of our brand and remains our key strategic differentiator.

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New Delhi: The country’s equity derivatives market has taken on a notably younger profile, with traders under 30 making up 43% of individual participants in FY26, a sharp rise from 31% four years earlier, according to a study.

However, the younger cohort also recorded a higher incidence of losses, the study by the Securities and Exchange Board of India (Sebi) revealed.

Around 89% of traders below 30 were loss-makers in FY26 compared to 81% of participants above 60.

The changing age profile is part of a wider transformation in the retail derivatives market, which has increasingly drawn investors outside India’s largest cities and from relatively lower-income groups. About three-fourths of individual derivatives traders belonged to the annual income category of below ₹5 lakh. This group accounted for 43% of turnover, but 53% of aggregate losses, the regulator said. Around 88% of traders in this income category incurred losses, compared with 81% of investors with annual income of above ₹1 crore.

The geographical spread of derivatives participation has been equally striking.

Read more: Mcap of four of top-10 most valued firms erodes Rs 87,960 cr; Airtel takes biggest hit
Investors from smaller towns (B30) accounted for about two-thirds of individual traders and nearly half of derivatives turnover in FY26.

The study noted that B30 investors account for only about one-fourth of individual mutual fund assets, pointing to a markedly higher derivatives risk appetite relative to their broader investment behaviour. The study also examined the relationship between derivatives trading and the size of investors’ underlying equity portfolios.

Cathy Hepworth, who heads $1.5 trillion asset manager PGIM‘s emerging-markets debt team, doesn’t hesitate when asked about her highest-conviction theme across the developing world: “Carry, carry, carry.”

She’s referring to a popular but often risky trade in which investors borrow cheaply in currencies like the US dollar, Japanese yen, or euro, and put the money to work in higher-yielding currencies like the Turkish lira, where interest payments on bonds or money-market funds can be as much as 40% or higher.

Carry trades funded by the US dollar are on their longest winning run since 2008, yielding positive returns for a seventh successive quarter.

“It’s a carry world,” said Hepworth, who joined PGIM in 1989 and helped establish its emerging-markets debt management effort in 1995. “There’s a ton of money looking for yield.”

Read more: West Bengal plans incentives to spur industrial investments

The emerging-market carry trade has returned about 22% since the end of 2024, according to a Bloomberg gauge of eight major EM currencies, handily beating all other major classes of global bond trades. Investing in US Treasuries has earned just 5.9% over the same period, while dollar bonds from developing world governments returned 14% and EM corporate debt 10%. Returns have been amplified by a dollar that’s weakening against major emerging-market currencies outside Asia and cheapening versus low-rate peers like the euro and Swiss franc also used to fund carry trades. That makes for a heady mix in Colombia, which offers a 12% bond return with 45% spot appreciation. Even in Turkey, where the lira has lost 26% against the dollar, yields above 32% on 10-year local bonds have kept investors in profit.