Accent Group posts $1.64B full year sales

• Accent Group reported full-year sales of $1.64 billion alongside a statutory net loss after tax of $13.8 million.
• The company's share price dropped following the release of the lower profit figures and a dividend reduction.
• Management stated that the company remains positioned for the upcoming financial year through ongoing strategic growth initiatives.

Accent Group (ASX:AX1) announced its full-year financial results for the 52 weeks ended June 28, delivering total sales of $1.64 billion.

The total revenue figure increased slightly from $1.62 billion in the previous financial year, though profitability faced pressure from retail market conditions.

"Whilst the consumer environment remained challenging, the business delivered underlying EBIT of $105.3 million and is well positioned for FY27, supported by initiatives being implemented under our 2030 Strategic Growth Plan," said Accent Group CEO Daniel Agostinelli.

The company booked a statutory net loss after tax of $13.8 million, which included a non-cash goodwill impairment charge of $48.6 million.

Following the announcement, the Accent Group share price was down at $0.71.

Total owned sales for the first 7 weeks of FY27 are up 3.2%. LFL retail sales for the first 7 weeks of FY27 were down 2.0% on the prior year.

Ongoing FY27 initiatives comprise $10–$15 million in net cost savings, an estimated $10–$20 million in FX hedging gross margin upside at an average AUD/USD rate of $0.69, and a $10 million benefit from The Athlete’s Foot franchise re-acquisitions, store optimisation, and new stores.