Bedding and furniture group Adairs reported a 10.1% sales decline to $291.4 million in the first half of FY24 due to challenging market conditions.

Inventory and ranging issues impacted sales negatively but present opportunities for recovery in FY25.

Net debt was reduced by $15.4 million to $58.6 million. Adairs aims for a sustainable 10%+ EBIT margin.

Adairs' board declared a fully franked interim dividend of 5 cents per share.