The S&P/ASX 200 Index (ASX: XJO) looks set to end its winning run on Friday. In afternoon trade, the benchmark index is down 0.15% to 8,014.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Accent Group Ltd (ASX: AX1)
The Accent share price is down 15% to $2.05. This follows the release of the footwear retailer's FY 2024 results this morning. Accent reported a 2.5% increase in total sales to $1.61 billion but a 33% decline in net profit after tax to $59.5 million. This led to the Accent board cutting its dividend by 25.7% to 13 cents per share. Some of this profit decline can be attributed to non-recurring charges relating to underperforming Glue stores and store transitions.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down 20% to $3.09. This has been driven by the release of the poultry producer's FY 2024 results this morning. Although Inghams reported stunning profit growth for the year, a new agreement with a major customer is offsetting this. In respect to the former, Inghams delivered a 68% increase in net profit after tax to $101.5 million. This allowed it to increase its dividends by 37.9% to 20 cents per share. As for the latter, it has signed a new supply agreement with Woolworths Group Ltd (ASX: WOW) on "satisfactory commercial terms" that provides for a "phased reduction in annual volumes." It notes that this "aligns with Woolworths' approach of diversifying its supplier mix across its fresh poultry category."
Jumbo Interactive Ltd (ASX: JIN)
The Jumbo Interactive share price is down almost 17% to $13.35. This morning, this online lottery ticket seller released its full year results and reported a 34.2% increase in revenue to $159.3 million. Due to softening margins, Jumbo's underlying net profit after tax and amortisation rose by a slightly lower rate of 31.5% to $46.4 million. Management is guiding to a further softening of its margins in FY 2025.
Playside Studios Ltd (ASX: PLY)
The Playside Studios share price is down almost 8% to 60 cents. This is despite the ASX gaming stock announcing record sales and profits this morning. The game developer reported a 68% increase in revenue to a record of $64.6 million and a net profit of $11.3 million. It seems that the market was expecting even stronger growth from the stock. In addition, the lack of guidance with this result may have spooked investors. It will be given with its annual general meeting in October.
