2349 GMT - Australian footwear retailer Accent Group loses its bull at Citi on weakening sales growth and margins. Analyst Sam Teeger lowers his recommendation on the stock to neutral from buy, telling clients in a note that the rate of Accent's gross margin decline has accelerated over recent months. This is before incorporating any headwinds from the weaker Australian dollar, he adds. Accent's first-half EBIT was about A$1.8 million stronger than the average analyst forecast, but only due to an unexpected A$3.3 million one-off benefit from the reversal of a historical impairment. Citi lowers its target price by 1.6% to A$2.43. Shares are down 1.3% at A$2.35. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 28, 2025 18:49 ET (23:49 GMT)
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