Core brands boost Accent Group’s profit in first-half

Footwear retailer Accent Group says a continued focus on customers, new products, full-margin sales and a return to investments have yielded strong first-half results.

The company owns and operates retail businesses including Platypus, The Athlete’s Foot, Subtype, The Trybe, HypeDC, Pivot and 4 Workers, and distributes global brands including Dr Martens, Skechers, Vans and Merrell in Australia.

For the 27 weeks to January 1, sales grew 39 per cent to $825 million while tax-paid profit reached $58.3 million.

Online sales contributed $134 million – or 18.9 per cent of total sales – while strong revenue was achieved in all core brands, including Platypus, Hype DC, Skechers, Dr Martens and The Athlete’s Foot. 

Accent Group CEO, Daniel Agostinelli, credited the “strength and consistency” of performance across all large banners along with the progress that has been made in its new banners for the success of the results.

During the half, the company opened 53 new stores, transitioned 13 stores into continuing bands and closed 10 stores where agreement could not be reached on rental rates.

The first half results marked a significant turnaround from last year’s full-year figures when sales grew 13.8 per cent and profit fell 11.8 per cent.

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