Accent Group Limited (ASX: AX1) 2024 AGM Highlights
Operational Achievements
Accent Group Limited (ASX: AX1) achieved total sales of $1.61 billion in FY24, with a net profit after tax of $59.5 million. The company expanded its store network by adding 93 stores, raising its total to 895 locations across Australia and New Zealand.
Financial Performance
Total owned sales reached $1.43 billion, marking a 2.7% increase from the previous year. However, EBIT was down 20.5% to $110.4 million, and net profit after tax dropped 32.9%. Notably, the company improved its gross margin percentage by 58 basis points to 55.8%.
Future Outlook
The first 20 weeks of FY25 show total Group owned sales are up 6.8% year-on-year, and like-for-like sales have increased by 3.5%. Accent Group plans to open around 40 new stores in the first half of FY25 and focus on margin improvement through its diverse brand portfolio.
Executive Comments
CEO Daniel Agostinelli emphasised the importance of building a defensible business and highlighted the growth potential within their global distributed and owned brands. “Our portfolio of brands positions the Company well for growth into the future,” said Agostinelli.
Board Changes
Accent Group announced the resignation of Brett Blundy and Tim Dodd from the Board. Following the Frasers Group shareholding acquisition in August, Dave Forsey will join the Accent Board effective immediately from the AGM.
Sustainability Initiatives
Accent Group continues its commitment to environmental and social governance initiatives. The company completed 600 safety audits across its stores and maintained a 65:35 female to male ratio throughout the Group. Additionally, Accent Group is preparing to meet new carbon reporting standards by FY26.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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