0015 GMT - Adore Beauty's bull at Citi is concerned by the Australian cosmetics retailer's sluggish online sales growth. Analyst James Wang writes in a note that sales momentum looks weaker once the contribution of Adore's recently acquired iKOU business is stripped out. Online sales since August appear to have declined by 8% on-year, he reckons. He adds that Adore's elevated cost-of-doing-business over its last fiscal half can be attributed to the iKOU acquisition, the change in CEO and store openings. Besides, he says, gross-profit margin widened enough to offset this. Citi has a last-published buy rating and A$0.90 target price on the stock, which is flat at A$0.90. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 28, 2025 19:15 ET (00:15 GMT)
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