If there was any doubt about where this is heading, beacon...

If there was any doubt about where this is heading, beacon lighting (another home focussed retailer) announced very strong H2 results (much stronger than the pcp), it is unclear to me whether they would also get a boon from jobkeeper. Another 7 jobs advertised yesterday on the Adairs website- quite a large number of outstanding jobs. They look to be doubling down on capitalising on the current pool of good talent looking for a home (most likely at the expense of the travel/hospitality industries) , the certainty of turnover based leases in the near term, to try to increase sales from their physical retail footprint- a very sound strategy to my mind...

Reading the tone of the job ads, if you haven't done so already, speaks a lot to the company's culture, which appears to be consistent from the top down, and in all elements of the strategy.

Beats me why this is taking so long to rerate (another business I very much like is well above its pre-Covid valuation, but doesn't appear to have gotten quite the magnitude of benefit that Adairs is almost certainly to receive....no matter- valuations will eventually become sensible, one way or another).