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RCG shares jump on Hype sneakers deal

 

Shares in shoe retailer RCG Corporation have soared following announcement of its deal to acquire sneaker chain Hype DC and guidance of increased full-year earnings. Trans-Tasman RCG is buying Australian footwear retailer Hype DC Pty Ltd for about $105 million.

 

RCG said the acquisition will be earnings accretive in the 2016/17 financial year.

 

The retailer said its 2015/16 underlying earnings before interest, tax, depreciation and amortisations (EBITDA) is likely to be $60 million - the top-end of its guidance range.

 

Underlying earnings in 2016/17, including the Hype DC deal, are expected to come in at $90 million.

 

At its half-year results in February, RCG gave guidance of underlying full-year earnings for 2015/16 of $58 million to $60 million.

 

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Australian billionaire and chairman of BB Retail Capital (BBRC) Bretty Blundy has acquired 11.82% of footwear retail company Accent Group (previously RCG). Blundy has acquired 64,000,000 ordinary shares for $0.95 per share, which represents a 20% premium to RGC's last closing price of $0.79.As a result of this latest purchase, Blundy is now the largest single shareholder within the company, holding 14.4% of Accent's issued shares.

 

 

Read more at http://www.ragtrader.com.au/news/billionai...AOEoUGO0X5B4.99

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The Athlete Foot's brand owner Accent Group has lifted first half profit by 19.4 per cent to $25.3 million thanks to strong growth in online sales and the rollout of more stores.

 

Revenue for the six months to December 25 rose 20.3 per cent to $362.5 million with the company-owned retail sales up 21 per cent to $295.1 million.

 

Shares in Accent soared 18.5 per cent to an 11-month high of $1.055 on Friday following its record results.

 

The company, which also distributes Dr. Martens and Merrell brands, said sales for company-owned businesses rose strongly, with click-and-collect sales up 170 per cent on the same period a year ago, and 22 new stores - less seven closures - also driving new revenue.

 

Accent's Platypus and Skechers outlets traded in line with expectations with stronger gross margins in the lead-up to Christmas.

 

Vans continued its strong performance, driven by growth in the classic "Old Skool' sneaker, the company added.

 

The group's wholesale sales were up 2.5 per cent to $55.1 million, in line with the company's expectations.

 

Accent Group's co-chief executive Daniel Agostinelli said the results were a record for the company, which is carefully managing its lease agreements to combat an ongoing decline in customers going to shopping centres.

 

"The industry-wide fall in centre traffic has been well publicised and while we continue to get sustainable rent outcomes for the vast majority of store renewal negotiations, it is our intent to continue to close stores where landlords are unwilling to agree to acceptable occupancy renewal outcomes," he said.

 

The group, formerly called RCG Corporation, said it now has distribution rights to 10 international brands and over 445 stores across 10 retail banners.

 

Accent plans to open a further 10 new stores in the second half of 2017/18, which includes expansion of its Hype DC chain to New Zealand.

 

Accent's record result also benefited from the inclusion of the first week of post-Christmas sales in the first half figures, whereas a year earlier the sales fell in the second half.

 

However like-for-like sales for the first seven weeks of the second half are up four per cent, the company said, while underlying earnings for the first seven months of the year are up 12 per cent compared to the previous corresponding period.

 

 

 

Petrina Berry, Australian Associated Press

 

February 23, 2018 4:24pm

 

 

 

 

 

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  • 3 years later...

Accent is a leading retail and distribution company with a focus on performance and lifestyle footwear, apparel, and accessories.

Bell Potter is bullish on the company due to its positive outlook, undemanding valuation, and attractive dividend yield. It also sees a lot of potential in the Stylerunner business and expects it to be a key driver of growth in the future.

It commented:

Quote

The recent AGM update indicated strong forward momentum, including a material upgrade in expected store openings in FY22, a turnaround in Glue Store, continued sales traction in Stylerunner which we believe offers material growth prospects, and the signing of a new exclusive distribution agreement for Reebok. TheAX1 valuation is undemanding with FY23 PE of ~14x, and the dividend yield is an attractive ~5%.

Bell Potter has a buy rating and $3.05 price target

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