The ASX dividend share Accent Group Ltd (ASX: AX1) could provide one of the biggest dividend yields for investors over the next few years, according to exciting projections.

For investors who haven't heard of this business, it's predominantly a footwear business that also sells apparel through some of its stores. It operates several brands, including owned brands like The Athlete's Foot, Stylerunner, Platypus, Glue Store, and Nude Lucy. It also acts as a retailer for several global retailers, such as Skechers, Vans, Hoka, Dr Martens, Herschel, Ugg, and Saucony.

The business has built a reputation for paying large dividends, and UBS is forecasting that this can continue in the coming financial years.

Big dividends projected

The business normally trades on a fairly low price-earnings (P/E) ratio, which naturally helps its dividend yield be larger than average.

Broker UBS is forecasting that the company could pay an annual dividend per share of 9 cents in FY25, but then this could rise each year until the 2028 financial year, when the dividend could reach 13 cents per share.

At the current Accent share price, the potential FY28 payout would translate into a grossed-up dividend yield of 10%, including franking credits. Considering the ultra-long-term return of the Australian share market has been roughly 10%, it's compelling to receive that large dividend with the potential for earnings growth too.

Profit projected to rise too

At the current valuation, the ASX dividend share is valued at around 13x FY25's estimated earnings, using UBS' numbers. Accent could then see its earnings per share (EPS) climb by 36% between FY25 and FY28, which would be a strong tailwind for capital growth and dividends.

UBS notes that store network expansion remains a key driver for the business, with expectations of stronger store growth in FY26 compared to FY25. Store refurbishments could accelerate as well. The broker said:

A tighter network of retail banners, including Hype DC, TAF, Stylerunner & Nude Lucy and a strong portfolio of vertical brands (HOKA especially, Vans back into growth), provide multiple sources of sales growth.

The business will also be working with new brands soon.

It will commence with Dickies and Lacoste in FY26, which should be helpful.

Accent's arrangement with Frasers Group could be particularly beneficial because of the opportunity to bring Sports Direct to Australia and New Zealand. Accent plans to roll out at least 50 stores in the next 25 years, and ultimately reach 100 stores or more.

The business will also have access to Frasers' brands to sell within Sports Direct stores and other Accent stores, including Everlast, Lonsdale, Slazenger, Karrimor, USA Pro, and Hot Tuna.

In my view, the future looks bright for the ASX dividend share.