Full Year 2024 Accent Group Ltd Earnings Call Transcript
Key Points
- Accent Group Ltd (ASX:AX1) reported total sales of $1.61 billion for FY '24, up 2.7% from the previous year.
- The company opened 93 new stores, bringing the total number of stores to 895, including online websites.
- Customer database grew by 400,000 to 10.2 million customers, enhancing customer engagement and loyalty.
- Gross margin percentage increased by 60 basis points to 55.8%, reflecting disciplined inventory management and a higher retail mix.
- The company announced a fully franked dividend of $0.045 per share, indicating a commitment to returning value to shareholders.
- Reported EBIT of $110.4 million included a $17.3 million non-recurring charge related to the exit of 17 underperforming Glue stores.
- Wholesale sales declined by 17%, indicating softer demand from wholesale customers.
- Cost of doing business increased by 140 basis points year-on-year, driven by cost inflation in occupancy and store team costs.
- Inventory provision of $2.6 million impacted gross margin in H2.
- The company decided to exit the Trybe business and will not continue with the CAT distribution agreement, indicating challenges in these segments.
Good morning, and thank you, everyone, for joining the Accent Group full year FY '24 Investor Briefing. We will begin with a presentation by Daniel Agostinelli, Group CEO; and Matthew Durbin, Group CFO and COO, followed by a Q&A session. If you would like to ask a question, please let the raise hand button to be placed in the virtual queue. The raise hand button can be found at the bottom of your Zoom interface.
Now Daniel, over to you. Thank you.
Thank you. Good morning, everyone, and thank you for taking the time to attend the call today. I'm joined on the call by our Group CFO, Matthew Durbin. We will now take you through the results for the full year-ended 30 June 2024 and a trading update for the first seven weeks of H1 of FY '25. There will be an opportunity to ask questions at the end.
Within the context of a challenging economic and consumer environment, the company has delivered positive like-for-like sales growth and has made continued progress against
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