Homewares and manchester retailer Adairs has announced a 45 per cent lift in full-year net profit to a record $30.5 million.
Adairs delivered an 18.8 per cent increase in revenue to $314.8 million in a turnaround result driven by solid growth in like-for-like sales and a 75 per cent lift in online sales.
The linen retailer added eight new stores and upsized another five for the year as it continued its comeback from an all-time low of 63 cents in June 2017.
Shares in the retail group lifted eight cents, or 3.5 per cent, to $2.40 on Monday
Managing director Mark Ronan said the 14.3 per cent lift in like-for-like sales was down to an increased number of sales and existing customers shopping more frequently.
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"The strong result in FY18 shows that our business is back on its growth trajectory," he said in a statement.
Mr Ronan also foreshadowed a continuing improvement in sales in 2018/19, helped by a further increase in store numbers across Australia and New Zealand and building on online sales.
Adairs' online channel accounts for 13 per cent of total sales and brought in $41.5 million in 2017/18.
The retailer announced a final dividend of eight cents, fully franked, up from 4.5 cents a year ago.
Adairs shares plunged in November, 2016, when the company issued a shock downgrade to expected sales, citing "missed opportunities" in the bedlinen market.
LINEN IS WINNING AS ADAIRS CLIMBS BACK
* 2017/18 statutory net profit up 45 per cent to $30.5 million
* Revenue up 18.8 per cent to $314.8 million
* Final dividend of eight cents, fully franked, up from 4.5 cents a year ago
