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Accent Group (AX1) - 1H24 result insights

Striving for higher gross profit

28 February 2024

Accent Group reported EBIT down 21%, but down 11% when adjusting for the extra week of trading in 1H23. Strong store rollout will drive an uplift in sales, recent gross margin improvements hold but costs growth remains elevated. The challenge for Accent Group is achieving positive comp sales while holding gross margin improvement to mitigate cost inflation, especially prevalent in wages and rents. Strong cash conversion and landlord contributions assisting new store rollout means a healthy dividend payout ratio can be retained.

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