Could this ASX dividend share offer a huge 11% yield in 2026?

This stock's dividend payout could sprint ahead in the next two financial years.

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Accent Group Ltd (ASX: AX1) is a leading shoe retailer, but it's also usually an impressive ASX dividend share. In 2026, it's projected to have a very large dividend yield.

This business acts as the distributor for a number of global shoe brands including Vans, Hoka, Kappa, Skechers, Herschel, Sebago, Merrell, CAT, Saucony, Dr Martens, Palladium, Ugg, Autry, Superga and Timberland.

It also owns several businesses, including The Athlete's Foot, Nude Lucy, Article One, Stylerunner, Lulu and Rose, Platypus, Glue Store, and Hype.

Due to its retail nature, the business usually trades on a relatively low price/earnings (P/E) ratio, which can enable a fairly high dividend yield.

Huge projected dividend yield

Accent's FY24 result may show some disappointing year-over-year profit numbers because of the weak consumer environment at the moment. Households don't have as much to spend at the moment because of high interest rates, high rent and inflation of other costs.

However, conditions could start improving in FY25 and rebound in FY26, according to the projections on Commsec.

The ASX dividend share is predicted to pay an annual dividend per share of 12.2 cents in FY24. That'd be a grossed-up dividend yield of 9.4%.

In 2025, owners of Accent shares could receive a dividend per share of 13.5 cents. If that projection comes true, it will equate to a grossed-up dividend yield of 10.4%.

Then, in 2026, the company could pay an annual dividend per share of 15 cents. Incredibly, that implies a possible grossed-up dividend yield of 11.5%. There aren't many S&P/ASX 300 Index (ASX: XKO) shares that are projected to pay a dividend yield of more than 10% in FY26.

Can the ASX dividend share's earnings grow?

FY24 is likely to be a fairly weak report, but I think there could be positives to focus on regarding the future.

Australian inflation has reduced compared to last year, which could mean that Accent's costs, like rent and wages, stop increasing as fast in FY25 and FY26.

One of the main drivers of Accent's earnings for the foreseeable future is its ongoing store rollout. It reached 888 stores in the FY24 first half and planned to open at least 20 new stores in the second half of FY24.

The company sees a continued store rollout opportunity "in both its core banners and new businesses." The ASX dividend share also believes there is a "significant growth opportunity" with its online sales as well.

Pleasingly, the underlying gross profit margin continues to improve, which can support the other profit margin levels.

Another positive for Accent is that its total 'owned' sales in the year to date to the end of January were up 1.6%.

According to the estimate on Commsec, the Accent share price is valued at just 11x FY26's estimated earnings.

Motley Fool contributor Tristan Harrison has positions in Accent Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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 Scott Phillips.

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