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Footwear retailer RCG raises $50m after profits soar

February 24, 2016 | Sydney Morning Herald

Sneaker seller Accent Group has proved a good fit for footwear retailer and distributor RCG Group, which is raising $50 million to open new Skechers and Platypus shoe stores after its interim profit rose threefold.

RCG’s underlying net profit totalled $17.3 million in the six months ended December 27. Net profit climbed to $16.1 million from $5.6 million in the year-earlier period, buoyed by last year’s $203 million acquisition of the Accent Group, which sells brands such as Vans, Skechers and Dr Martens and owns the Platypus Shoes chain.

Earnings before interest tax depreciation and amortisation tripled to $30.3 million, with Accent contributing most of the profits – $22.3 million – more than making up for lacklustre proft growth from The Athletes Foot chain.

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