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Accent Group’s (ASX:AX1)gross margin expands in H1FY24 co plans 20 new stores in H2 - Kalkine Australian Subscription

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Accent Group’s (ASX:AX1)gross margin expands in H1FY24 co plans 20 new stores in H2 - Kalkine

Accent Group’s (ASX:AX1)gross margin expands in H1FY24 co plans 20 new stores in H2

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Highlights

  • Driven by an increasing mix of distributed and owned vertical brands, AX1’s gross margin increased by 140 basis points annually to 56.6% in H1FY24
  • The company is witnessing increased occupancy and store team costs in H2FY24
  • The company plans to open 20 new stores in H2FY24 in both core banners and new businesses

Highlights

Accent Group Ltd (ASX: AX1) is a digitally integrated footwear retailer and distributor, with 786 stores and 35 websites. The company holds distribution rights for 17 international brands in Australia and New Zealand.

In the first half of FY24, sales of AX1 dipped by 1.74% annually, as there were 26 weeks in H1FY24 versus 27 weeks in H1FY23. However, the company’s gross margin increased by 140 basis points annually to 56.6% due to an increasing mix of distributed and owned vertical brands. The group opened 72 new stores during H1.

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