Accent Group Like for Like Sales Fall 3.9% Over 19 Weeks

Accent Group (ASX:AX1) issued a trading update ahead of its busiest period, reporting that like-for-like sales have fallen below expectations as trading conditions deteriorated since late August.

For the first 19 weeks of FY27, total Group owned sales (ex-closed businesses) are down 1.9%. Like for like retail sales are down 3.9%, against a prior year decline of 0.4%, and for weeks 8 to 19, since the August 2026 update, LFL sales are down 5.0%. Owned retail sales (ex-closed businesses) are down 1.5% and wholesale sales are down 5.1%. Year-to-date gross margin % to the end of October (week 18) is up on last year including FX hedging benefits, though the company says margin has also been impacted. Accent attributes the weakness to elevated fuel prices, interest rate rises and consumer confidence, particularly around the November interest rate rise. It says the 2030 Strategic Growth Plan initiatives, including the closure of Glue and OzSale, FX hedging benefits, CODB savings and TAF franchise reacquisitions, have been implemented, but their aggregate benefit has so far been offset by weaker like-for-like sales and gross margin pressure. The Sports Direct rollout is expected to have 8 stores and 2 websites trading by the end of December 2026.

The release does not provide earnings guidance or a gross margin figure. The company says the H1 and FY27 result will depend significantly on trading over the Black Friday, Cyber Monday, Christmas and back-to-school period.