Furniture retailer Adairs saw its net income plunge during the last fiscal year, with the company citing macroeconomic challenges for the result.
The company’s statutory net profit fell 17.8 per cent to $31.1 million as sales declined 4.3 per cent to $594.4 million.
Its Focus on Furniture sales dipped 8.7 per cent to $129.6 million. During the period, Focus opened new stores in Helensvale, Queensland and Prospect, NSW.
Meanwhile, Mocka’s sales rose 5.7 per cent to $51.4 million on the back of higher average order values, thanks to narrowed product offerings, improved ranges and quality, less clearance activity, and greater promotional discipline.
Mocka is set to begin its wholesale and shop-in-shop trials and will relaunch its New Zealand website in the fiscal first half.
This fiscal year, the group targets to open six new Adairs stores and three new Focus on Furniture stores.
The post Adairs books lower net income amid macroeconomic challenges appeared first on Inside Retail Australia.
