Accent Group Limited has credited a full margin sales strategy for a strong start to FY23.
The Group reported owned sales were up 52% for the first 18 weeks of the year compared to FY22, with gross margin up 570bps.
Group CEO Daniel Agostinelli said trade to date has been above expectations.
"Our continued focus on driving full price, full margin sales has resulted in strong margin recovery from last year," he confirmed.
"Our store opening program is on track and we expect to open around 50 new stores in H1. Whilst we provide no forward guidance, inventory levels reflect strong deliveries of exciting new product across all banners, and the Group’s in-stock position along with sales and operational plans are well set heading into the three most important trading months of the year.”
The Company advises that H1 FY23 will be a 27-week reporting period ending 1 January 2023 compared to the 26-week reporting period ended 26 December 2021 in H1 FY22.
Accent Group owns and operates retail businesses such as Platypus, The Athlete's Foot, Subtype, The Trybe, HypeDC, Stylerunner and Glue.