Volatile trading conditions and supply chain disruptions have impacted footwear retailer Accent Group’s full-year trading results.
The company owns and operates retail businesses such as Platypus, The Athlete’s Foot, Subtype, The Trybe, HypeDC, Pivot and 4 Workers, and distributes global brands including Dr Martens, Skechers, Vans and Merrell.
For the year ended on June 26, group sales increased 13.8 per cent to $1.27 billion however EBITDA fell 11.8 per cent to $213.6 million.
However, during that period the group opened a net 124 more stores, taking its network to 762. It did not release same-store sales comparable data.
The business’ tax-paid profit slumped 59.1 per cent to $31.5 million.
Online sales rose 25.7 per cent to $263.8 million, contributing 24.4 per cent to total retail sales.
Accent Group CEO, Daniel Agostinelli, said operational disruptions had an impact on the financial results for this year.
“Management recognises that there is some uncertainty in both the economic outlook and global supply chain. We will continue to build a defensible business model in Australia and New Zealand.
“Our portfolio of global distributed brands, owned vertical brands, integrated digital capability and large store network are core assets of the group and position the company well for growth into the future.”
The company said the first seven weeks of trading for FY23 have been favourable for the business so far, with like-for-like sales up 18.9 per cent, as the trading environment was relatively free from disruption.
