3 ASX All Ords shares on the move following results announcements

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We’re nearing the official end of the February earnings season, but the excitement isn’t over yet. Many All Ordinaries Index (ASX: XAO) shares are reporting this week, including three retailers each dropping earnings this morning.

And the market is reacting to their results in a big way. Let’s take a look at the moves being made.

Right now, the All Ords is down 1.4% at 7,404.9 points.

3 All Ords shares making moves on half-year earnings

First up is the share price of All Ords online beauty retailer Adore Beauty Group Ltd (ASX: ABY). It hit a high of $1.075 today – marking a 4.9% gain.

Adore Beauty posted its earnings for the first half of financial year 2023 this morning, detailing $93.6 million of revenue – down 17% on that of the prior comparable period, which saw most of Australia locked down. Meanwhile, it revealed a $90,000 loss for the period.

The company also lowered its full year guidance, saying it no longer expects to see double digit revenue growth in the second half. That comes as inflation and waning consumer sentiment take their tolls.

Next, the share price of All Ords jewellery retailer Michael Hill International Ltd (ASX: MHJ) gained 4.4% to peak at $1.075 earlier today.

The company posted an 11% jump in half year revenue, sending it a record $363.4 million. It also declared a 4 cent per share interim dividend – up 14% year-on-year.

It expects its full year earnings before interest and tax to come in ahead of that of financial year 2022.

Making the biggest move of the three All Ords stocks is the City Chic Collective Ltd (ASX: CCX) share price. It plummeted 13.7% to a low of 50.5 cents earlier today.

As previously forecast, the plus size fashion retailer posted $168.6 million of revenue – an 8% fall as it cycled strong pandemic-related trading and struggled against lower consumer demand.

Its underlying operating EBITDA came to a $3.4 million loss while it posted a statutory net loss after tax of $27.2 million.

Looking beyond the first half, the company noted trading was down 17% year-on-year in the first seven weeks of the second half.

Though, it expects to deliver a positive net cash position by the end of this fiscal year. Currently, it has a $13.4 million net debt position.

The post 3 ASX All Ords shares on the move following results announcements appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Adore Beauty Group. The Motley Fool Australia has recommended Adore Beauty Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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