I think the volatility comes from the fact that ADH occasionally has a shocker or a problem to overcome. I think it was FY’18 when they had a poor half with just the wrong seasonal product selection leaving Adairs with a stock clearance problem. They solved it and has not happened since. Unfortunately the Mocka experience with online order backlog and child cot mould in this latest half has impacted sentiment. I understand both issues are now well behind Mocka.
I still have faith in management and I am in for the long haul. It’s just frustrating to have to go through the ups and downs.
I think ADH is close to SUL if not it’s equal (SUL had major issues with Ray’s Outdoors acquisition).
ADH is not as close to NCK probably the best performed mid size retailer in Australia with a founder at the helm and a great business model in its core brand Nick Scali.
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