Image source: © Kiosea39 | Megapixl.com
Highlights
- Accent is an ASX-listed digitally integrated distributor and retailer of footwear
- In 1HFY24, the company’s revenue from ordinary activities stood at AUD 742.16 million
- Brett Blundy has the maximum stake in the firm with a shareholding of around 14.65%
Accent Group Limited (ASX: AX1) is a digitally integrated distributor and retailer of footwear, operating nearly 786 stores and 35 websites across different retail banners. The company also has distribution rights for 17 international brands across New Zealand and Australia.
In the first half of the financial year 2024 (1HFY24), AX1’s revenue from ordinary activities dropped by 21% year-on-year (YoY) to AUD 742.16 million due to a fall in sales to customers and royalties, along with other franchise-related income. Meanwhile, interest income surged to AUD 0.84 million in 1HFY24, compared to AUD 0.51 million in the previous corresponding period.
Growth Prospects for Consumer Discretionary Stocks
Data released by the Australian Bureau of Statistics (ABS) on 5 July 2024 revealed that household spending surged by 0.1% annually in May 2024, following a 2.2% YoY rise in April 2024. The data also highlighted that household spending increased on services while spending on goods fell by 2.5% annually. The household spending data for May 2024 bodes well for consumer discretionary stocks.
Top 10 Shareholders of AX1
The top 10 shareholders of AX1 hold around 37.92% stake in the firm. Brett Blundy and Craig John Thompson have the highest stake in the firm, with shareholdings of approximately 14.65% and 5.72%, respectively.
Recent Business Update
On 23 February 2024, the company announced a franked interim dividend of AUD 8.50 cents per share for 1HFY24. The pay date for the dividend was 21 March 2024.
Outlook
In 2HFY24, the company intends to continue its expansion by opening at least 20 new stores. The company sees ongoing opportunities for store rollouts under both its new businesses and core banners. Furthermore, AX1 expects growth from its newly distributed brands, UGG and HOKA.
Share performance of AX1
AX1 shares closed 2.70% higher at AUD 1.905 apiece on 08 July 2024 with a market cap of AUD 1.04 billion. In the last one year, AX1’s share price has increased by 17.23%, while in the last three months, it has declined by 2.81%.
The 52-week high of AX1 is AUD 2.36, recorded on 14 February 2024, and the 52-week low is AUD 1.62, recorded on 17 July 2023.

AX1 Daily Technical Chart, Source: REFINITIV
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 08 July 2024. The reference data in this report has been partly sourced from REFINITIV.
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