Apparel retailer Accent Group – the parent of Platypus and Hype DC, among other labels – expects to achieve earnings of $80 million for the first half of the fiscal year. 

The group reported a 4.6 per cent increase in total owned sales, including wholesale. Like-for-like retail sales rose by 2.9 per cent, and sales for weeks 21026 following the AGM update jumped by 1.8 per cent.

However, the first-half trading gross margin declined by 100 basis points compared to the previous year, attributed to the ongoing promotional trading environment.

“Sales for the final six weeks of H1, including Cyber weekend, while growing on the prior year, slowed compared to the previous 20 weeks, with customers responding to value offers in the market,” added Group CEO Daniel Agostinelli. 

Accent Group said the company remains actively discussing opportunities with cornerstone shareholder and UK retailer Frasers, with progress made on a long-term strategic agreement. Negotiations are expected to conclude in the second half of this year.

Established in 1988 as a wholesale distributor in New Zealand, Accent Group now has more than 800 stores, 34 brands, and more than 35 platforms.