Why did the Accent (ASX:AX1) share price defy the odds in 2020?

Shoes retailer Accent Group Ltd (ASX: AX1) seems to have defied the odds in 2020. While other brick and mortar discretionary retailers have struggled in the face of government-imposed lockdowns this year, the company’s revenues have instead grown steadily.

In the process, the Accent share price has also risen by 27% during the year.

Let’s take a look at how the company has been able to achieve this feat.

Strong financial results

For the FY20 full year, Accent reported an earnings before interest, tax, depreciation, and amortisation (EBITDA) of $121.6 million. This was an increase of almost 12% compared to the previous year.

The company then followed this up with a strong first 5 months of FY21, saying that its sales were ahead…