- Home retailer Adairs (ADH) has provided a trading update for the first 17 weeks of FY21, ending October 25
- Despite temporarily closing stores, due to the COVID-19 pandemic, sales have remained high and are all well ahead from the same time last year
- Additionally, online sales grew 134 per cent from the prior corresponding period and its subsidiary Mocka experienced a growth of 48 per cent
- Also announced today was the retirement of Michael Butler as Chairman
- As a successor hasn’t been found, Independent Director Trent Peterson will assume the role until an appointment is made
- Adairs is down 4.92 per cent on the market and shares are trading for $3.67 each
Adairs (ADH) has provided a trading update for the first 17 weeks of FY21, ending October 25.
Despite temporarily closing stores due to the COVID-19 pandemic, sales have remained high and are all well ahead from the same time last year.
Online sales represented 41 per cent of all sales, an increase from the 17 per cent in the prior corresponding period (pcp).
Additionally, online sales grew 134 per cent from the pcp and its subsidiary Mocka experienced a growth of 48 per cent.
However, inventory levels were well below ideal levels during the past six months due to actions taken to manage the inventory and liquidity.
Fortunately, Adairs has reported that inventory levels are coming back into line with last year which will put the company in a good trading position throughout November and December.
“I am pleased that the momentum seen in the second half of FY20 has continued into FY21. These results highlight the strength and continued success of our brands, supported by our omni channel strategy and operational agility,” CEO and Managing Director Mark Ronan said.
“Under challenging circumstances, our team have delivered a great product range, with all categories performing well. This has been supported by all team members across the business working collectively to enable customers to shop via their preferred channel in a safe manner over this period,” he added.
Also announced today was the retirement of Michael Butler as Chairman.
On June 22 it was revealed that Michael would not be seeking re-election at the annual general meeting but will remain on the board until then or when a successor is found.
As a successor hasn’t been found, Independent Director Trent Peterson will assume the role until an appointment is made.
Adairs is down 4.92 per cent on the market and shares are trading for $3.67 each at 3:28 pm AEDT.