Adairs cuts interim dividend amid sales slump
Sydney-based soft goods retailer, Adairs, has reduced its interim dividend as sales fell by 10%, and earnings dropped by 19% in what directors described as a “challenging macro-environment.”
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Adairs is a leading specialty omni-channel retailer of home furnishings in Australia and New Zealand with a national footprint of stores across a number of store formats and a leading online channel. Our strategy is to present customers with a differentiated proposition, combining on-trend fashion products, quality staples, strong value and superior in-store customer service.
The Adairs’ product range includes categories such as bedlinen, bedding, towels, homewares, soft furnishings, children’s furnishings as well as occasional and bedroom furniture.
With vertically integrated product design, development, sourcing, distribution, and retail operations, over 90% of Adairs’ range is sold under its own private brands. This business model is essential to Adairs’ differentiated product offer and customer value proposition.
Today Adairs has in excess of 160 stores across Australia and New Zealand in five physical store formats, comprising Adairs, Adairs Homemaker, Adairs Kids, Urban Home Republic and Adairs Outlets. It also has a fast growing and profitable online store which accounts for almost 20% of group sales.
Adairs has a highly valued and important customer loyalty program called ‘Linen Lovers’. Launched in 1995, Linen Lover members pay $19.95 for a two-year membership that provides access to lower prices in-store and online, access to exclusive offers and events, and free delivery for most orders.
Adairs operate with a single purpose ‘It’s about the customer, always‘.
Sydney-based soft goods retailer, Adairs, has reduced its interim dividend as sales fell by 10%, and earnings dropped by 19% in what directors described as a “challenging macro-environment.”
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Shares of homewares retailer Adairs (ASX:ADH) experienced a substantial decline of more than 15% during Monday trading.
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The final week of this reporting season kicked off yesterday with results from, among others, regional bank Bendigo and Adelaide, retailer Adairs and Kiwi dairy leader A2 Milk.
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Pandemic-related damage popped up in a couple of interims from retail groups on Monday, while Sonic Healthcare’s good run may just be petering out and A2 Milk’s luck about to turn.
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Adairs shares slumped more than 20% yesterday after the company joined the list of retailers warning of damage done to sales and earnings by last year’s Covid-driven lockdowns.
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The broker lowers its target price to $3.70 from $4.80. It's thought the estimated FY23 price earnings ratio of 7.6x and currently attractive dividend yield are enough to retain an Add rating.
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Morgans conducts a review of the retail sector and assesses there continues to be several consumption tailwinds in place. The Add rating and $4.50 target are retained.
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Adairs' first half result was slightly above Morgans earnings (EBIT) and profit (NPAT) forecasts. The Add rating is maintained and the target price is increased to $4.50 from $4.00.
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Adairs FY20 result was circa 10% above Morgans forecast. The company also reported a strong start to 1H21, according to the broker, but no FY21 guidance was provided.
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