City Chic Collective CEO Phil Ryan says supply chain issues are at “an absolute maximum”, and the women’s plus-sized fashion retailer is responding by buying early, and buying more.year-earlier period to $178.3 million.
“This is a risk with more of our cash tied up. However, with the board support, we decided that the strategic investment in inventory was less of a risk than not having inventory to sell,” Mr Ryan said. “At a cost level, we have increased our volumes so much that we were able to get a better rate with the factories and really right now that’s offsetting the increases [in costs] ... I would have thought that in time [it] would have increased the margin. However, that hasn’t played out...” he said.The current supply chain issues did not change City Chic’s growth strategy for the next three to five years, Mr Ryan said.
The jewellery retailer said group all-stores sales rose 9.8 per cent in the second quarter ended December 26 to $217.5 million despite the company having lost 2381 store trading days. Group same-store sales rose 9.6 per cent from the year-earlier period to $204.2 million.
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