3 ASX All Ords shares sliding following earnings updates

It has been another very busy day of result releases on the All Ordinaries index on Thursday.

Not all have been received well by investors. For example, three All Ords shares that are falling in response to their results are listed below. Here’s how they performed:

City Chic Collective Ltd (ASX: CCX)

The City Chic share price has crashed a whopping 19% to $1.99 following the release of the plus sized fashion retailer’s results.

While City Chic revealed a 39% increase in revenue to $369.2 million and a small increase in net profit after tax to $22.3 million, this was overshadowed by its inventories and cash flow.

The company revealed that its inventory position almost tripled year over year from $67 million to $196 million and its operating cash flow swung from positive $15.2 million to negative $51.9 million.

Mount Gibson Iron Limited (ASX: MGX)

The Mount Gibson share price is down 6% to 40.5 cents after the iron ore miner’s full year results disappointed.

For the 12 months ended 30 June, the company revealed ore sales revenue of $131.1 million. However, due to an impairment and a sharp drop in volumes and the realised price of its iron ore, the company record a loss after tax that was even greater than revenue at $174.1 million. This is down from a $64 million profit a year earlier.

Excluding the $184.6 million impairment, Mount Gibson’s loss before tax would still have been a disappointing $63.6 million.

SKYCITY Entertainment Group Limited (ASX: SKC)

The SkyCity share price is down over 2% to $2.61 following the release of this casino and resorts operator’s full year results.

SkyCity had a tough 12 months, leading to its revenue falling 32.9% to NZ$639 million. Things were even worse on the bottom line, with the company recording a reported net loss after tax of NZ$33.6 million. Management blamed this poor performance on a material impact from COVID-19 disruptions.

Pleasingly, the company has started FY 2023 strongly and sees a clear pathway to profit.

The post 3 ASX All Ords shares sliding following earnings updates appeared first on The Motley Fool Australia.

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More reading

• Why City Chic, Flight Centre, Perpetual, and Woolworths shares are sinking
• City Chic share price plummets 13% as cash flow sinks in FY22
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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