Australia's Adairs hits 3-year low on trimming FY23 forecast

Adairs

02/06/2023 01:55

** Shares of Adairs Ltd  ADH.AX  dip as much as 19.9% to
A$1.510, their lowest level since May 19, 2020
    ** The home furnishing retailer cuts its FY23 group sales
foecast to A$616 mln - A$622 mln ($417.83 mln - $421.90 mln)
from previous outlook of A$625 mln - A$665 mln
    ** Sees FY23 group EBIT to be between A$62 mln and A$65 mln
vs previous outlook of A$70 mln–A$80 mln 
    ** Shares post their biggest intraday pct fall since Jan 24,
2022 and on track to record a fourth consecutive session of
losses 
    ** Around 1.9 mln shares exchange hands vs the 30-day
average of 424,232 shares
    ** ADH stock down 14.3% YTD, as of last close 

     ($1 = 1.4743 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))