ASX Earnings Wrap: Fisher Paykel sees growth in China; Mad Paws' revenue up 230pc

It’s the half yearly season again as the ASX market announcements page becomes increasingly flooded with earnings lodgements.

To save you the trouble of trudging through it all, we’ve wrapped up the highlights from some of the reports that caught our eye.

Mad Paws (ASX:MPA)

Highlights for Q2 FY23:

Operating revenue of $6.6m, up 232% on pcp
Record new customers acquired of 33,000, up 108% on pcp

The pet goods company has continued improving its EBITDA margins, now at 24% for Q2 FY23.

During the quarter, Mad Paws realigned its food subscription strategy by focusing on high margin products.

In its Home category, the company produced record revenue in back-to-back months, with new products launched.

Looking forward, Mad Paws says it will be seeking to deliver long term value by improving customer growth and retention, while at the same time building share of wallet.

In the medium term, the company wants to focus on continuing to grow its share of the Australian pet market while achieving profitability in the medium term.

Fisher & Paykel (ASX:FPH)

The Kiwi respiratory devices company has provided a FY23 revenue guidance.

The company expects full year operating revenue for FY23 to be within the range of approximately $1.55 billion to $1.60 billion.

“Consistent with what we experienced during COVID-19 surges over the last few years, we are seeing increased sales of our hospital hardware and consumables in China as the country manages its current wave of the virus,” said CEO, Lewis Gradon.

Gradon says that he doesn’t “currently expect any material impact on the full year operating expense growth” that the company provided in November.

City Chic Collective (ASX:CCX)

Highlights for the 26 weeks to 1 January 2023:

Global sales revenue of $168.6m, 8% down on pcp
Underlying EBITDA loss of $2.5 to $4m

City Chic says demand has continued to be volatile with promotional activity required to stimulate demand, impacting the group’s gross margin.

The combined effect of reduced revenue and gross margin, and higher fulfilment costs, is expected to result in an underlying EBITDA loss for 1HFY23 of between $2.5-$4.0m.

In the Australia/NZ region, 1H revenue of ~$79m is down slightly on last year. Online sales were also down 19% off a strong pcp.

City Chic confirms inventory is expected to be between $163-164m at the end of 1HFY23, which is below the range guided at its AGM.

“We remain extremely confident in executing on our strategies and returning to profitable growth as these cyclical headwinds unwind,” said CEO, Phil Ryan.