Just thought I would address some of your points and add my...

Just thought I would address some of your points and add my couple cents.
Yea Adairs is tied to consumer sentiment, however in this specific case adairs provides furnishings for the homes people now spend even more of their time. but yea still completely dependent on consumer sentiment.

Now yes the inline sales were only 17% of sales when the FY19 result but since then Adairs has acquired an on-line retailer and has recently seen massive (like20-40%) growth in the space. So yes from the information you had you are completely right. However you should also read the half yearly report and listen to the COVID19 impact conference calls (they are all accessible via the investor centre on the website if you're wondering). so I would estimate approx 40+% of revenue is online, and is higher if you take into account store closures lol.
Basically my thesis for Adairs has been the same for a while. it's well managed, a B+ retailer with relatively strong margins and returns on capital ect. However it is a very volition instrument. Like it crashed 30% on a small profit downgrade last year that really wasn't that bad (like a 10% downgrade in earnings). It's not going bust, and it pays great dividends (well not now but when conditions normalise).