Agree. Not encouraging.More quicksand to negotiate short term, but overall the brand is strong. Mocka may have stemmed some bleeding, but it is still going backwards - it has become almost irrelevant. And surely cannot have a carrying value on the Balance Sheet of approx $80m. The sooner they face the music here, the better.
The actual scenario is that the core Adairs business is down a whisker off 10% in the first 21 weeks of FY24. That is huge. Focus on Furniture off 8.7% - which doesn't necessarily compare favourably when you look at the higher value Nick Scarli range which was off 6.7% on a like for like basis. I think the analysts might trim their average FY24 Rev at $585m a little more, given this announcement, Doubtful on an interim dividend.
ADH Price at posting:
$1.47 Sentiment: None Disclosure: Held
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