Accent Group is reshaping its retail network as it navigates softer consumer spending, after reporting total sales of $1.64 billion in FY26.
The retailer posted a statutory net loss of $13.8 million, with owned sales rising 4.7 per cent to $1.53 billion, although like-for-like sales slipped 0.5 per cent for the year.
The company opened 43 new stores during the year, led by Hoka, Skechers, Nude Lucy, Lacoste and Sports Direct, taking its network to 876 stores and websites. It also closed 59 locations, including 19 Glue stores and 17 Vans stores.
Accent completed the closure of OzSale and Glue and exited distribution agreements for Dickies, Herschel and Superga, removing approximately $17.8 million in annualised losses.
“The business has made the difficult but necessary decisions, closing loss-making businesses, tightening costs and sharpening our strategic focus, and the benefits of those decisions should increasingly flow through in FY27 and beyond,” said group chairman Lawrence Myers.
“The board is confident in the company’s strategic direction and in the management team’s ability to deliver on the 2030 Strategic Growth Plan.”
Performance brands remained a growth driver, while Nude Lucy delivered another record year for sales and profit.
The company also continued its Sports Direct rollout, with three stores and online trading by year-end, and acquired 17 The Athlete’s Foot franchise stores, increasing corporate ownership of the network.
The retailer said it would continue optimising its store portfolio under its 2030 Strategic Growth Plan, which targets at least $1.9 billion in sales, an EBIT margin of more than 9 per cent and approximately 950 stores by 2030.
Last month, Michael Hapgood, one of Accent Group’s founding directors, resigned from the company while an insider trading investigation continues.
