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The S&P/ASX 200 Index (ASX: XJO) has started the week strongly and is on course to record a solid gain. In late morning trade the benchmark index is up 0.8% to 6,051.1 points.
Four shares that are climbing more than most today are listed below. Here's why they are storming higher:
The Adairs Ltd (ASX: ADH) share price has jumped 17% higher to $3.20. This follows the release of the homewares retailer's unaudited full year results. According to the release, Adairs expects to report a 12.9% increase in sales to $388.9 million. This was driven by a 4.5% increase in sales for the Adairs brand and a 50.2% lift in sales for the Mocka brand. Online sales now account for 31.9% of total sales. This led to underlying earnings before interest and tax rising 39.7% to $60.7 million.
The Coles Group Ltd (ASX: COL) share price is up 2% to $18.71. Investors appear to have been buying the supermarket operator's shares on the belief that lockdowns will underpin strong sales growth in the first quarter of FY 2021. Coles is due to release its full year results on 18 August and is likely to provide a trading update with them.
The Kogan.com Ltd (ASX: KGN) share price is up 7% to $20.07. The ecommerce company's shares have been on fire today after the release of an update for the month of July. According to the release, Kogan added an incremental 126,000 active customers during the month, bringing its total to 2,309,000. This supported further strong growth, with gross sales up 110% and gross profit up 110% during the month.
The Tyro Payments Ltd (ASX: TYR) share price is up 2% to $3.37. This follows the release of the payments company's weekly update. According to the release, Tyro's weekly transaction value was $390 million last week. On a same day-on-day basis, this was flat on the prior corresponding period. Investors may have been fearing a decline following Victoria's lockdowns.
