Why BWX, City Chic, Domain, and John Lyng shares are sinking today

These ASX shares dropping on Tuesday…

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The S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. In afternoon trade, the benchmark index is down 0.6% to 7,091.2 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

BWX Ltd (ASX: BWX)

The BWX share price is down a massive 48% to 33 cents. Investors have been hitting the sell button in response to a shocking business update. That update reveals that the Sukin skincare manufacturer missed its guidance in FY 2022, admitted to channel stuffing activities, downgraded its FY 2023 guidance, and revealed a growing mountain of debt.

City Chic Collective Ltd (ASX: CCX)

The City Chic share price is down 22% to 46 cents. The catalyst for this was another terrible update from the plus sized fashion retailer. City Chic revealed that trading conditions remain tough and it now expects to post a first half loss. This tough sales environment doesn't bode well for the company given its huge inventory position. Management expects to finish the half with inventory of $168 million to $174 million. This is 50% more than its current market capitalisation.

Domain Holdings Australia Ltd (ASX: DHG)

The Domain share price is down over 7% to $2.64. This has been driven by the release of a trading update from the property listings company this morning. That update reveals that December month to date listings are down around 51% in Sydney and 37% in Melbourne. As a result of the challenging market environment, first half EBITDA is expected to be around $48 million.

Johns Lyng Group Ltd (ASX: JLG)

The Johns Lyng share price is down 11% to $6.05. This morning, the company revealed that its executive director and COO, Lindsay Barber, has sold 4 million shares. The share sale represents almost a third of Mr Barber's prior holding.

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 positions in and has recommended Johns Lyng Group. The Motley Fool Australia has recommended BWX and Johns Lyng 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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