Adairs Ltd
ASX:ADH
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Adairs Ltd
ASX:ADH
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Adairs Ltd
Adairs Ltd. is engaged in retail operations in thef manchester and homewares. The company is headquartered in Melbourne, Victoria. The company went IPO on 2015-06-17. The Company’s segments include Adairs and Mocka. Its Adairs is a retailer of home furnishings in Australia and New Zealand with stores across a range of formats and an online channel. The Mocka is a vertically integrated, pure-play online home and living products designer and retailer operating in Australia and New Zealand. Mocka sells its products in the home furniture and decor, kids and baby categories. The Company’s subsidiaries include Home & Decor Pty Limited, Adairs Holdings Australia Pty Limited, Adairs Retail Group Pty Limited, Wilder Days Pty Limited, Mocka Limited, Mocka Holdings Pty Ltd and Mocka Products Pty Ltd.
Adairs Ltd. is engaged in retail operations in thef manchester and homewares. The company is headquartered in Melbourne, Victoria. The company went IPO on 2015-06-17. The Company’s segments include Adairs and Mocka. Its Adairs is a retailer of home furnishings in Australia and New Zealand with stores across a range of formats and an online channel. The Mocka is a vertically integrated, pure-play online home and living products designer and retailer operating in Australia and New Zealand. Mocka sells its products in the home furniture and decor, kids and baby categories. The Company’s subsidiaries include Home & Decor Pty Limited, Adairs Holdings Australia Pty Limited, Adairs Retail Group Pty Limited, Wilder Days Pty Limited, Mocka Limited, Mocka Holdings Pty Ltd and Mocka Products Pty Ltd.
Record Sales: Adairs Limited reported record group sales of $329 million for H1 FY26, up 5.9% year-on-year.
Profit Decline: Despite sales growth, underlying EBIT dropped to $30 million, down 9.1%, mainly due to aggressive clearance activity in Q1.
Margin Pressure: Adairs' gross margin fell 170 basis points to 60.7%, with Q1 significantly impacted by discounting, but margins improved month-to-month in Q2.
Strong Mocka Performance: Mocka sales jumped 29.8% to $36.5 million, with underlying EBIT up 45.5%.
Focus on Furniture Recovery: Focus on Furniture saw sales rise 1.9%, but like-for-like sales fell 3.3% and profit dropped 31.7% to $5.8 million.
Cost Control: Cost efficiency improved, with operating cash flow up more than 30% to $32.6 million and net debt reduced by 20% to $53.6 million.
Positive Outlook: Early H2 group sales are up 6.4%, and management expects sales, margin, and EBIT growth in H2 FY26 compared to last year.
Store Portfolio Actions: The company will open new Adairs, Focus on Furniture, and Mocka stores, while closing 6–7 less profitable Adairs stores in the next six months.
