• Group EBIT expected to be around $80 million for H1 FY25
• Total Group owned sales up 4.6%, Like-for-Like retail sales up 2.9%
• H1 Trading gross margin down 100 basis points due to promotional environment

Accent Group Limited (ASX: AX1) has provided a trading update for the first half of the 2025 financial year (H1 FY25). The company expects Group EBIT for H1 FY25 to be around $80 million, which includes a positive net impact of $3.3 million relating to non-recurring items. Total Group owned sales (including wholesale sales) for H1 were up 4.6%, while Like-for-Like retail sales were up 2.9%. Like-for-Like retail sales for weeks 21-26 following the AGM update were up 1.8%. However, the H1 Trading gross margin is down 100 basis points compared to the prior year, impacted by the ongoing promotional trading environment. Group CEO, Daniel Agostinelli, stated that sales for the final 6 weeks of H1, including Cyber weekend, grew on the prior year but slowed compared to the previous 20 weeks, with customers responding to value offers in the market. The promotional environment continued to impact Gross Margin % through this period. Both costs and inventory were well controlled, with overall inventory aging clean and levels in line with plan. The company also remains in active discussions with Frasers Group, with progress made on the documentation of a long-term strategic agreement, which is expected to be concluded during the second half of FY25.