Footwear retailer Accent Group shares wear down as lockdowns cut $40m from earnings

 Shares in footwear retail giant Accent Group (ASX: AX1) fell by more than 6 per cent this morning after CEO Daniel Agostinelli revealed the expected impacts of recent lockdowns on the bottom line, putting a downer on yesterday's announcement of a new exclusive distribution deal in Australia and New Zealand for Reebok.

The Reebok deal is for an initial 10-year period, adding to a portfolio of brands that also includes Hype DC, Stylerunner, Vans, Athlete's Foot, Dr Martens, Platypus and more.

Interlaced with the company's digital strategy with online sales now representing more than a fifth of sales, Accent's stable of brands have served it well since the pandemic began and it was one of the early movers on the ASX to voluntarily close its network of some 470 stores in March last year.

Read More:  https://www.businessnewsaustralia.com/articles/footwear-retailer-accent-group-shares-wear-down-as-lockdowns-cut--40m-from-earnings.html      


                                                                                                                                                                                                                                                           


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