Accent Group’s sales in the first 19 weeks of FY24 remained flat but the fashion and footwear company is still on track to open 70 new stores in the first half of the fiscal year.
The company said that its owned retail sales went up 2.1 per cent while like-for-like sales declined 2 per cent.
“Retail sales for the first 19 weeks have continued to be broadly in line with the -1.8 per cent like-for-like experienced in the first seven weeks. Wholesale sales have been more challenging, reflecting softer demand from other retailers,” said Accent Group CEO Daniel Agostinelli.
The company is set to open several of its planned stores in November and December.
“The group’s in-stock position along with sales and operational plans are well-set heading into the three most important trading months of the year.”
The company also noted that it is focused on the efficiency of the cost of doing business amid inflationary pressures and lower like-for-like sales.
In FY23, Accent Group opened 80 stores and booked owned sales of $1.39 billion, up 26.3 per cent, and a net profit of $88.7 million, surging 181.8 per cent.
