The ASX share market continues to be volatile, with the S&P/ASX 200 Index (ASX: XJO) currently down by 0.75%. Some ASX retail shares are suffering.
Whilst the ASX’s resource sector is helping the index, there are some businesses on the ASX that are hitting 52-week lows. Investors are selling off some companies pretty hard.
Each of the below retailers suffered from store closures and other COVID-19 impacts during the first six months of FY22.
These are some of the ASX retail shares that hit 52-week lows:
Super Retail Group Ltd (ASX: SUL)
The Super Retail Group share price was one of the ones that hit a 52-week low earlier today. It’s currently down 1.6% to $9.82.
Super Retail is the parent business of a few different brands including Super Cheap Auto, Rebel, BCF and Macpac.
The ASX retail share recently reported its FY22 half-year result which showed that revenue and profitability went backwards. Headline sales were down 4% to $1.7 billion and normalised net profit after tax (NPAT) fell by 35.8% to $112.8million.
Accent Group Ltd (ASX: AX1)
The Accent Group share price dropped to $1.66 earlier today. However, it’s currently down 1.75% to $1.68.
Accent is a shoe retailing business that sells through a wide range of different stores and brands. Some brands it owns, others it is the distributor for. It’s responsible for these brands: The Athlete’s Foot, Stylerunner, Reebok, Dr Martens, VANS and Skechers.
Like Super Retail, Accent also told shareholders that the first half suffered a significant drop in profit.
Accent reported first-half sales were up 9.7%, boosted by online sales growth. However, the ASX retail share’s earnings before interest and tax (EBIT) dropped by 62.9% to $30.3 million, whilst NPAT fell harder, declining 72% year on year to $14.8 million.
City Chic Collective Ltd (ASX: CCX)
The City Chic share price fell to $3 today. It was another retailer that hit a 52-week low. It’s down 10% at the time of writing.
City Chic is a global retailer of plus-size clothing for women. It also sells footwear and accessories. The ASX retail share has a number of different brands including City Chic, Evans, Avenue, Navabi and more.
In the FY22 first half, City Chic reported that whilst sales revenue jumped 49.8% to $178.3 million, underlying net profit was $14 million, in line with last year, meaning that the profit margin fell.
The post 3 ASX retail shares slumping to 52-week lows today appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Super Retail Group Limited. The Motley Fool Australia owns and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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