Ann: CEO Presentation to Shareholders, page-88

While they're both retailers it's like basing forecasts for Myer on an update from Kogan.

Adairs are focused on homewares and manchester. While Myer also sell that, it isn't and hasn't been the primary profit focus for a long time. And the impact on that market should be unsurprising with lockdowns meaning there's both less need/ability to relocate for work, and less of a market for sellers so housing sales have been down and hence so has the impact here. Similarly, another area or buyers is travel/airbnb and that has obviously been down too. Personal renovation is up, but isn't such a great demand substitute for the other areas.

And while it's reasonable to assume the impact on Myer in this market is probably similar, because Myer sells a lot of other products where the growth profile has been better, it's not reasonable to suggest it's a good portent of its own. And the fact Myer shares are already down 25% from a month or so ago is a more realistic reflection of any profit hit.