I looked into further details Adairs results to better understand their performance at the EBIT level during H2.
Excluding Mocka, during H2, Adairs increased its sales by 0.7 % yoy. It has led to an increase of their EBIT (still excluding Mocka and excluding the impact of wage subsidies) by 20 % during H2, which was due to 2 elements :
- increase of their gross profit by 4.5 % (less promotion...)
- stability of their CODB (if you exclude the impact of wage subsidies of 5.3 m during H2) due to "rent and salary cost ratios down due the store closure during Q4".
This is a surprising performance for a company which had a problem of margin during H1 and was exactly the opposite of what I was expecting for H2 (I thought that their low margin ecommerce sales were going to drive down their margin).
Ann: ADH FY2020 Adairs Results Presentation, page-20
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