Full Year 2019 Adairs Ltd Earnings Call Transcript
Thank you for standing by and welcome to the Adairs' Results Call for the 2019 Financial Year. (Operator Instructions)
I would now like to hand the conference over to Mr. Mark Ronan, Managing Director and CEO of Adairs. Please go ahead, Mr. Ronan.
Thank you. Good morning, and welcome to the Adairs 2019 Financial Year Results Call. With me this morning is our new CFO, Ash Gardner; and our new Head of Investor Relations, Jamie Adamson.
And starting the 2019 financial year result, where Adairs achieved a very good sales result with top line sales growth of plus 9.7%, driven by like-for-like sales of 7.2%. The like-for-like result was off the back of another great year in online, up 42%, and a solid store like-for-like sales result of plus 1.5%. We were very pleased with the sales result and the execution on product throughout the year. Our gross margin result was in line with our guidance, coming in at 59.2% pre-AASB 15 adjustments. Throughout the year, the gross margin rate was
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