Best & Less expects profits to fall after weaker customer demand

Footwear retailer Accent Group and Millers operator Mosaic Brands also reported strong trade updates on Wednesday.

Accent shares rose 10.7 percent after the company said sales in the first 27 weeks of the fiscal year were up 39 percent from a year earlier.

Mosaic said that its consolidated profit for the first half of 2023 is expected to be around $15.8 million, up 198 percent year-on-year. Its shares opened 5.3 percent stronger at 30 cents.

Other retailers, however, have reported in the last two weeks that conditions are slowing: Baby Bunting said the December trading period was weaker than expected, while electronics retailer Kogan said sales fell 32.5 percent in the first half of the year be.

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