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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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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From the ASX on Thursday: Adairs has surprised with an $80 million plunge into the furniture market, while NAB’s acquisition of Citi’s Australian consumer banking businesses has met with ACCC approval.
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Unlike a year ago when it was clear retailing was doing very well in the rebound from the first wave of the pandemic (especially online during the shutdown), this time around it’s a very mixed bag.
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Sydney-based homecrafts retailer Adairs has moved to take full control of online homewares and furniture retailer Mocka, in which it had bought a 65% stake in December 2019.
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