supported by its recent aquisition of Focus on Furniture, but profits were hit by supply chain disruptions because of COVID-19 which pushed costs higher.
Statutory net profit after tax was $44.9 million, a fall 29.6 per cent, and earnings also fell by about 30 per cent.Group gross margins were significantly lower, falling 520 basis points to 59.6 per cent. The Focus and Mocka brands are lower margin businesses, but margins were squeezed by Adairs transition to a new distribution centre which cost $6 million in additional costs.
Source: Digital Coin News (digitalcoinnews.net)
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