Shares in Adairs have soared to a five month high after the manchester and homewares retailer's sales rebounded to hit the top end of its forecast.
Adairs says adjusted sales were higher than expected in the second half of the financial year at $140.4 million, up eight per cent on the same period in the previous year.
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As a result, the company now expects revenue to hit $264.9 million for the 12 months to June 30, at the upper end of its guidance of sales between $255 million and $265 millions guidance.
Adairs shares added 32.5 cents, or 34.2 per cent, to $1.275.
Chief executive Mark Ronan said it was a pleasing result in a subdued environment but the company should not be complacent.
"While we are pleased to see sales in the bed linen category improve, we continued to see higher than usual sales variability across our store formats, centre types, product categories and geographies," he said in a statement.
"This is perhaps symptomatic of a more subdued retail environment, but also indicates further room to improve our product and store execution."
The company said the crucial like-for-like sales figure, which strips out store closures and openings, jumped 3.8 per cent in the final quarter of the financial year.
This is a huge improvement on the 2.4 per cent fall in like-for-like in the third quarter and the 6.8 per cent fall in the second quarter.
Over the second half, like-for-like sales were up one per cent, but for the year were down 1.4 per cent.
The positive share movement would be a welcome change for the company.
Adairs shares lost 20 per cent of their value in a week after the company in February reported a 35 per cent slump in half year profit.
AAP