Accent Group lost nearly $100 million in sales due to store lockdowns but says so far this year trade in fiscal 2023 is positive.
says sales in the first seven weeks of the new year were up strongly after a sharp fall in earnings in the 2022 year, following major store closures when around $95 million of sales were lost.
The July guidance was below analysts forecasts, which triggered a near 12 per cent sell-off in the share price on the day.Chief executive Daniel Agostinelli on Friday said so far trading conditions for the first seven weeks of fiscal 2023 have been positive, driven largely by undisrupted trading conditions and supported by full deliveries of new product. Like for like sales rose 18.9 per cent.
CFO Matt Durbin said the company has continued to put up prices with several of its distributed brands and in its vertical owned products to offset input cost price rises.For the full year to June 26, lockdowns that led to closures of more than 400 stores for several months meant discounting was needed to move inventory, leading to a 200 basis point gross margins squeeze compared with the prior two years.
Mr Agostinelli said January, February and March remained quite challenging, and the uplift in back to school was short-lived, and the New Zealand market was tough.
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