Accent Group lifts half-year profit and sales in 'challenging' environment
Make us a preferred source
Make us a preferred source on Google
The news: Footwear retailer Accent Group lifted its half-year profit by 12% and increased sales in a challenging consumer environment.
The numbers: Net profit for the 26 weeks to 29 December was up 11.7% to $47.2 million, while revenue was up 4.6% to $776 million. The company will pay an interim dividend of 5.5 cents a share, down from 8.5 cents a year ago.
The context: The Athlete’s Foot and Hype DC chain owner said its gross margins were impacted due to the prevailing promotional environment through the first half. Cost of doing business remained largely steady thanks to efficiencies, support team costs and distribution costs.
“In the context of the challenging consumer environment in H1, the growth in sales and profits reflects the strength of the Accent business model,” CEO Daniel Agostinelli said.
The group said like-for-like sales were up 2.2% in the first seven weeks of the second half, but gross margin continued to be impacted and was down 70 basis points from the year ago period.
The source: ASX
