Australia's Biggest Footwear Brand Suffers Serious Losses

Because of Covid, the yearly profit of Australia’s biggest footwear retailer has fallen down more than half.

According to the research, “almost all people have faced difficulties in Covid, they have money problems and at that time they realize the importance of money savings”.

As the Omicron virus entered the country, Accent Group has more than 700 stores and also chains like Athletes Foot & Platypus have lost $90 million in sales between January and July.

When the year ended on June 26, the company reported its earnings before interest and tax of $62.3m and net profit after tax of $31.5m.

There are 7 new concept stores that have opened and 1 store is renovated. During the year, the Group opened 139 stores of which 15 have been closed.

Conditions of the new financial year were good in the first seven weeks, largely due to uninterrupted trading conditions and the total sales were at 48.9%.

“In the last financial year, the operational disruption experienced and its impact on results had been well reported”, said Accent Group chief executive Daniel Agostinelli.

He said, “Management identifies that there is some ambiguity in the global supply chain & economic outlook”.

“In the tough times of the Covid-19 pandemic, we came out stronger by removing all the milestones successfully”.

I am happy with what we have achieved and made growth our primary concern. We will continue to set up business in Australia & New Zealand.

Published on: August 26, 2022