In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.9% to 8,475.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Accent Group Ltd (ASX: AX1)
The Accent share price is down 3% to $2.31. This follows the release of a first half trading update from the footwear retailer this morning. According to the release, the company expects to report group EBIT of approximately $80 million for the half. This includes a positive net impact of $3.3 million relating to non-recurring items and will be up from $72.4 million in the prior corresponding period. Total group owned sales were up 4.6% for the half, with like for like sales up 2.9%. However, it notes that its like for like sales growth softened late in the year.
Aroa Biosurgery Ltd (ASX: ARX)
The Aroa Biosurgery share price is down 21% to 63.5 cents. Investors have been selling this medical device company's shares following the release of its quarterly update. Aroa Biosurgery reported cash receipts from customers of NZ$19.5 million, which was in line with its expectations. Looking ahead, management is guiding to total revenue of NZ$81 million to NZ$84 million in FY 2025. This represents a 17% to 22% increase on FY 2024's revenue. A normalised EBITDA profit of NZ$2 million to NZ$4 million is also expected.
Playside Studios Ltd (ASX: PLY)
The Playside Studios share price is down 47% to 20 cents. This follows the release of a disappointing half year update from the video game developer. Playside Studios reported a 21% decline in revenue to $28.5 million and an EBITDA loss of $2.8 million for the half. The latter is down from a $12.2 million EBITDA profit a year ago. Management has also downgraded its guidance for FY 2025. Revenue in FY 2025 is now expected to be $50 million to $54 million (previously $62 million to $68 million) and EBITDA is expected to be a loss of $6 million to $10 million (previously a profit of $0 million to $5 million).
Premier Investments Ltd (ASX: PMV)
The Premier Investments share price is down 22% to $22.29. This has been driven by the retail conglomerate's shares going ex-distribution today. As part of the merger of its Apparel Brands business with Myer Holdings Ltd (ASX: MYR), the company has been issued 890.5 million new shares in the department store operator. Together with its existing shareholding, Premier Investments is distributing a total of 1,151.5 million Myer shares to eligible shareholders through an in-specie distribution. This will take place on 6 February 2025.
