The main character in this film, Charity, as well as numerous side characters are prostitutes, but this is only implied through dialogue. For example, one of Charity's friends asks if she has told a man she is dating that she "rents her body." No actual sexual activity is shown and the dialogue is pretty vague to the point that many viewers may not realize that Charity is more than "a dance hall hostess" as she describes herself.
A woman finds herself stuck in a closet while a man makes up with his girlfriend. The man and his girlfriend recline on the bed before the camera cuts away to the next morning. The man is then shown shirtless slipping into a robe. The woman is shown implicitly naked underneath the bedsheets with a fair bit of cleavage visible but no actual nudity.
Women are shown briefly in bras and panties.
Some sultry dancing with women moving their hips in a mildly suggestive manner. The dancing is objectively pretty tame compared to modern musicals. However, some moves combined with double entendres in song lyrics have sexual connotations.