Adairs Ltd: Buy or Not?
For H1FY17, Adairs Ltd (ASX: ADH) revenue grew by 5.7% yoy to $124.5 million, while like for like sales was declined by 4.0% (cycling 1H16 of +15.4%). Gross profit and EBITDA were down 0.4% and 34.3% respectively to $73.9 million and $14.8 million, while EBIT was down 39.6% to $12.0 million. Consequently, NPAT declined 35.3% to $8.6 million. During the period 10 new stores opened, including 8 in Australia and 2 in New Zealand. Meanwhile, the stock has already declined 48% in the last six months (as of June 19, 2017) and currently trading at its all-time low levels.
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