The S&P/ASX 200 Index (ASX: XJO) is having a strong day on Thursday. In afternoon trade, the benchmark index is up 0.7% to 7,046.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
City Chic Collective Ltd (ASX: CCX)
The City Chic share price has crashed 25% to $1.85. This morning City Chic released its full year results and revealed a 39% increase in revenue to $369.2 million and a modest increase in net profit after tax to $22.3 million. However, taking investors by surprise was the almost tripling of its inventory position and its negative cash flow.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 5% to $16.47. Investors have been selling this travel agent's shares following the release of its full year results. Flight Centre reported a 154% increase in revenue to $1 billion and an underlying loss after tax of $272.6 million. While this was in line with expectations, its performance in the Americas appears to have spooked investors. Goldman Sachs described its performance in the region as a "disappointment."
Perpetual Limited (ASX: PPT)
The Perpetual share price is down 8% to $27.91. Investors have been selling this fund manager's shares after it announced a new takeover approach for rival Pendal Group Ltd (ASX: PDL). Perpetual has offered one share for every 7.5 Pendal shares owned plus $1.976 cash per share. This equates to an offer of $6.54 per share. Some investors appear to believe the company is overpaying.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is down 4% to $35.99. This follows the release of the retail giant's full year results for FY 2022. Woolworths reported a 9.2% increase in sales to $60,849 million and a modest 0.7% lift in net profit after tax to $1,514 million. This was largely in line with consensus estimates. A soft start to FY 2023 could be weighing on its shares.
