Athlete’s Foot kicks goals at shoe retailer

Accent Group, the operator of Athlete’s Foot, Trybe and Platypus shoe outlets, plans to open 90 new stores this year after record profit.

Accent Group CEO Daniel Agostinelli

Accent Group, the operator of Athlete’s Foot, Trybe and Platypus shoe outlets, will open 90 new stores this year after reporting its seventh record half-year profit in a row.

Melbourne-based Accent said profit for the six months to the end of December climbed 57.3 per cent to $52.8m as sales rose 6.6 per cent to $541.3m.

Accent chief executive Daniel Agostinelli said the company had opened 50 new stores during the first half, helping it lift sales and profit margins, with strong performances in the lead up to Christmas and the back-to-school period. Five stores were shut, bringing the total number of outlets in the group to 565.

Mr Agostinelli said the management team remained focused on driving online growth and innovation, with digital sales reaching $108.1m in the first half.

The shares climbed 4.4 per cent to close at $2.36.

Mr Agostinelli said trading at its key brands including Athlete’s Foot and The Trybe were ahead of expectations.

Accent Group CEO Daniel Agostinelli

Like-for-like retail sales in the first eight weeks of the second half of the financial year were up 10.7 per cent. That included the impact of mandated store closures during four snap lockdowns in Brisbane, Western Australia, Victoria and Auckland.

Digital sales climbed 65.4 per cent at the start of the second half and continued to track above 20 per cent of total sales.

Mr Agostinelli said the company was expected to open at least 90 new stores this financial year across all its brands, including 15 Pivot stores and four Stylerunner outlets. He said given the ongoing uncertainty over the impact of COVID-19, the company would not provide a full-year forward sales or profit guidance.