ADH -21.52%: tough day for the homewares retailer after pre-releasing first half results. Sales have in the first half were +2.7% on a like-for-like basis, but fell overall to $242m despite a small contribution from the acquisition of Focus on Furniture. Earnings have taken a hit though as costs bite. Reduced rental relief, higher wages and increased warehouse costs have taken a knife to margins, with first half underlying earnings expected between $32-33m, down from $60.2m last year. Shares fell to a 12 month low
MM is cautious retailers generally
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