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Accent Group share price pushes higher on AGM update

James Mickleboro
Christmas Shopping

The Accent Group Ltd (ASX: AX1) share price has been a solid performer on Thursday.

In early afternoon trade the retailer’s shares are up 2% to $1.65. This leaves them trading within sight of their 52-week high of $1.76.

Why is the Accent Group share price pushing higher?

Accent Group held its annual general meeting in Melbourne this morning. Ahead of the event the retailer released its annual general meeting presentation which included a trading update.

That update revealed that financial year to date Accent Group is trading in line with expectations. As a result, it continues to expect another year of profit growth.

This is expected to be achieved through low single digit like-for-like sales growth and strong digital growth.

In addition to this, the opening of new stores and the annualisation of stores opened in FY 2019 are expected to support its growth this year.

Management also revealed that its gross margin is forecast to be steady in FY 2020. This is due to an underlying improvement through vertical brand penetration and exclusive brands being offset by currency headwinds. Its cost of doing business margin is expected to be in line with the prior year as well.

Shareholder vote.

Also included in the update was the results of its shareholder meeting.

According to the release, all Accent’s directors were successfully re-elected. Though, David Gordon didn’t have it easy. Approximately 11.9% of votes were cast against his re-election.

And Accent Group became the latest company after Harvey Norman Holdings Limited (ASX: HVN) and Ramsay Health Care Limited ASX: RHC) to receive a first strike for its remuneration report.

Approximately 38% of votes were cast against the report. This follows a vote of ~24% last year, which was just short of the 25% need for a strike.

The post Accent Group share price pushes higher on AGM update appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group and Ramsay Health Care Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019