Accent (ASX:AX1) share price down as market awaits FY21 earnings

The footwear retailer’s FY21 results could drop at any moment.
The post Accent (ASX:AX1) share price down as market awaits FY21 earnings appeared first on The Motley Fool Australia. –

The Accent Group Ltd (ASX: AX1) share price is sliding on the day the company’s due to release its financial year 2021 earnings.

The footwear retailer had previously flagged today as the day it would drop its full-year report for FY21. Since the company didn’t release the report this morning, it’s likely waiting until market close to do so. However, interested investors should keep their eyes peeled as the results could come at any moment.

Amid the anticipation, the Accent share price has slipped 1.48% lower. Shares in the company are currently swapping hands for $2.32 apiece.

Let’s take a closer look at what Accent might report tonight.

What Accent’s been up to in FY21

Accent provided the market with a number of updates through FY21. Here are the ones that might be mentioned in its FY21 earnings and how the Accent share price reacted when they were released.

The first update that might affect Accent’s full-year results was released in November. Then, the company announced that – excluding Auckland and Victorian stores ­– its sales had increased 15.7% in the first 20 weeks of FY21.

Additionally, its digital sales had increased by 129% and Accent stated it expected to open around 80 new stores in FY21. It also said it expected Victoria’s second lockdown to have a $39 million impact on its sales.

The Accent share price jumped 6.7% on the news.

Following that update, the company released another strong trading update in January, when Accent forecasted its earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of FY21 would be between $95 million and $98 million.

Accent’s shares ended the day trading 4.6% higher than the day prior.

Accent’s EBITDA for the first half actually ended up being $138.4 million – that’s 29% more than the prior corresponding period. The company’s first-half results also included a net profits after tax (NPAT) increase of 57.3%. The company’s APAT reached $52.8 million.

The Accent share price gained 4.4% on the back of its half-year results.

Shareholders will likely be hoping the market reacts as positively as it did back then.

Accent share price snapshot

Today’s dip has seen the Accent share price back into the ASX red.

Right now, Accent shares are trading for just 0.43% more than they were at the start of 2021. However, they have gained 46% since this time last year.

The company has a market capitalisation of around $1.25 billion, with approximately 541 million shares outstanding.

The post Accent (ASX:AX1) share price down as market awaits FY21 earnings appeared first on The Motley Fool Australia.

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