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Adairs fiscal H1 profit climbs YOY

Adairs Ltd. said its normalized net income for the fiscal first half ended Dec. 28, 2014, was 3 Australian cents per share, a gain from 1 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was A$4.2 million, an increase from A$1.6 million in the year-earlier period.

Total revenue increased 21.7% year over year to A$97.0 million from A$79.7 million, and total operating expenses grew 17.9% on an annual basis to A$82.3 million from A$69.8 million.

Reported net income fell 75.0% on an annual basis to A$4.1 million, or 2 cents per share, from A$16.2 million, or 3 cents per share.