ADH -14.85%: the homewares retailer provided updated guidance today coming in well below expectations with just a month left in the year. Sales for the first 22 weeks of the second half are running 7% below 2H21 with a -23.8% drop in sales for their Mocka business the main culprit. Group sales for the YTD is still up +1.9% but it highlights how significant the roll-off in growth has been. EBIT guidance as cut 15% to $62-65m vs consensus expectations of $74m. The company has pullback capex guidance to the lower end of the previous numbers to support the balance sheet for now. The update weighed on peers today, Temple & Webster (TPW) a notable loser.
MM has no interest in ADH
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