Furniture retailer Adairs says its first-half net profit and revenue have fallen, reflecting challenging macroeconomic conditions and lower customer counts in stores.

The company’s net profit declined 18.9 per cent to $17.7 million as revenue slid 6.7 per cent to $302.4 million. Underlying earnings before interest and taxes fell 12.9 per cent to $30.9 million.

“The first half of FY24 has been challenging given customers continue to manage their household budgets carefully, leading to lower customer traffic,” said Adairs MD and CEO Mark Ronan.

The Adairs brand booked sales of $199.9 million, down 9.3 per cent. The company opened two new Adairs stores, upsized three, and closed three smaller stores during the period.

Focus on Furniture’s sales fell 15.8 per cent to $66.2 million despite the opening of a new store in Helensvale, Queensland.

The company reconfigured Mocka’s Brisbane warehouse to support the growth of the brand in Queensland at no incremental cost to the group. Mocka’s sales stood at $25.3 million, marginally higher than last year.

The group expects to see sales performance pick up during the second half.