I can’t honestly say I have any clue what will happen (the great...

I can’t honestly say I have any clue what will happen (the great thing about the future as opposed to history!). Adairs will be well placed given they have pretty much every base covered. If you hadn’t noticed, Adairs online channel was growing at 30% before Covid in HY20 (comparable time TPW) and grew at 90%+ in the second half (higher than TPW). This is despite aggressive marketing from TPW with advertising on free to air television, billboards as well as heavy promotional spend online.

I will be looking closely at the accounts of the two when they are released, but I have a very strong hunch that one business is FAR superior to the other. If my hunch is correct, the fundamental truth would have to be that Adairs has a product that is in high demand and that the sales channels are all working well, and the problem is one of increasing distribution. In pretty much any time, the hard part is finding the product mix that has demand. More importantly, Adairs has full ownership of all of its brands- UHR, M+R, Kids. Mocka and seems to have pretty good exclusive collaborations with designers such as Dana Kinter, Fleur Harris, Mark Tuckey et al, that make the product non-commoditized.