The well-timed acquisition of online furniture store Mocka and a rise in online sales have boosted the FY20 financial results of homewares retailer Adairs.
The company posted a 19 per cent rise in net profit to $35.3 million, and a 40 per cent increase to $60.7 million in earnings before interest and tax (EBIT). EBIT from the Adairs chain rose 24 per cent to $54 million and Mocka contributed $6.7 million on sales of $29 million.
“Our results confirm the strength of our brands and the competitive advantage our omni-channel model provides in these volatile times,” said Mark Ronan, company CEO and managing director.
“The acceleration in online penetration and growth rate brought about by the Covid-19 restrictions has long term benefits for us as more of our customers shop across our brands,” Ronan said.