0340 GMT - Accent Group's deal to run Frasers Group's Sports Direct business in Australia is a net positive despite the danger that the chain could cannibalize some existing sales, Citi analyst Sam Teeger says. He tells clients in a note that he will monitor the extent to which sales at Accent's Athlete's Foot business are affected by Sports Direct. Teeger also wonders whether a shortage of suitable sites will have an impact on the pace of Sports Direct's local rollout. Nonetheless, he estimates that Sports Direct could generate A$52 million in annualized Ebitda if it opens only half the 100 stores it aims for by the end of 2033. Citi lifts its target price by 1.6% to A$2.61 and keeps a buy rating on the stock, which is down 1.4% at A$1.9575. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
May 13, 2025 23:40 ET (03:40 GMT)
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