But the string of positive announcements failed to spark a sharemarket rally. While the stock opened about 8 per cent higher, it drifted lower into negative territory before recovering.
In early trading, shares changed hands at $3.38 – less than 1 per cent above Thursday’s closing price.
The volatile trading was further evidence of the market’s split opinion of the company. Cettire reported market-beating sales growth in February catapulting its market valuation to almost $2 billion.
But it has since been battling to win back investor confidence after a series of articles in The Australian Financial Review questioned its payment of duties.
‘Excellent momentum’
Shares in Cettire have slid 30 per cent since early March when the articles were first published.
In response, Cettire changed its online check-out model to include duties in the price of its goods.
The company’s chief executive, Dean Mintz, said its sales conversion rates were stable after the changes were introduced on March 19. He added that the United States business was demonstrating “excellent momentum”.
Cettire also sought to address suggestions that the company was not registered to collect sales tax in the state of California and Texas.
The company said it was registered and in good standing in both states, adding that it had collected $18.7 million in sales taxes in the United States in the nine months to March 31 remitting $17.1 million.
