Accent Group Ltd

AX1: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.20	Rqxdxh	Rdrbysfn

Accent Earnings: Tentative Signs of Consumer Recovery

Johannes Faul

Aug 23, 2024

Fiscal 2024 was a challenging year for narrow-moat Accent Group. Modest sales growth of 2% was not enough to offset cost inflation, and the footwear retailer’s EBIT margin contracted roughly 200 basis points to approximately 8%. Group EBIT, excluding the AUD 17 million impairment of shuttered Glue stores, fell 8% to AUD 128 million, in line with guidance and our forecast.

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