Shares of Accent Group (ASX:AX1) plunged as much as 8.6% to A$2.010, potentially its worst performance since November 17, 2023, if the downward trend persists.

The footwear distributor unveiled that its profit after income tax for the half-yearly period plummeted by 27.6% to A$42.2 million ($27.67 million).

Additionally, the company reported a 2.1% fall in half-yearly revenue.

This has led the company’s stock to its lowest level since January 31.

The downward trend marks the fifth consecutive session of losses for AX1.

The trend also indicates the company’s potentially poorest performance week since mid-November 2023.

In the face of these developments, shares worth about 1.3 million changed hands, showing a slight rise from the 30-day average volume of 1.2 million shares.

Despite the current turmoil, AX1’s performance shows an uptick of 13.4% year-to-date, based on the most recent closing figures.

Accent Group (ASX:AX1) is a leading distributor of footwear.