I agree that the margins aren't great but really if most is running the 2 DCs & paying wages/rent to store staff whilst stores were closed it really isn't a problem.
One thing that isn't obvious from the trading update, but if you have been following social media, is that customers noticed that Adairs online wasn't fulfilling order so they stopped ordering online at some point in the second half. That is why the online growth is so weak in Adairs compared to Mocka and other retailers.
If you add in Focus for the second half and assuming at least some of the factors contributing to this update are transient, it is hard to see how this isn't cheap trading at <10x EBIT. I was very tempted to buy this morning, but happy to wait on the full results to figure out what is going on.
I agree that the margins aren't great but really if most is...
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Last
$1.86 |
Change
0.010(0.54%) |
Mkt cap ! $324.9M | |||
| Open | High | Low | Value | Volume |
| $1.84 | $1.88 | $1.82 | $551.8K | 299.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 19780 | $1.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.87 | 12205 | 2 |
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| Last trade - 16.10pm 25/06/2024 (20 minute delay) ? |
| ADH (ASX) Chart |