Shares in Adairs fell sharply after the home furnishing retailer posted a 35.3% fall in half year profit to $8.6 million.
A short time ago, they were down 14.5% to $1.19.
The company, like other retailers, reported softer than expected Christmas trade.
Sales were up 5.7% to $124.5 million for the six months to January 1 but like-for-like sales growth were down 4%.
CEO Mark Ronan says the company understands the issues leading to the disappointing result.
“However it is too early to forecast a consistent improvement in our trading performance,” he says.
Like-for-like sales over the first seven weeks of the second half were down 2%.
“Whilst this is an improvement, and in line with our expectations, we are seeing higher than
usual sales volatility across product categories,” says Ronan.
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