Accent Group Ltd (ASX: AX1)
The name Accent may not be familiar, but I bet readers will know many of this footwear retailer's store brands. Accent is the company behind the likes of HYPEDC, Platypus, Sneaker Lab, Stylerunner, and The Athlete's Foot.
Its stores and their online businesses have been booming over the last 12 months despite the pandemic. This culminated in Accent delivering a strong half year result last month. It revealed a 6.6% increase in total sales to $541.3 million and a massive 57.3% lift in net profit after tax to $52.8 million.
The good news is that the second half started strongly, putting Accent in a position to deliver a bumper full year profit result in August.
Analysts at Bell Potter are positive on the company and have a buy rating and $2.65 price target on its shares. The broker is also forecasting an 11.9 cents per share dividend in FY 2021. Based on the current Accent share price, this will mean a fully franked 5.1% yield.
AX1 Price at posting:
$1.73 Sentiment: Buy Disclosure: Held
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