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Key points:
Record FY26 revenue and 20% share price jump for Adore Beauty (ASX:ABY) Most capital‑intensive year, with new stores, ERP and distribution centre spend Omnichannel customers spend 2.5x more than online‑only shoppers Management targets >10% revenue growth and $9–13m underlying EBITDA in FY27
Adore Beauty (ASX:ABY) posts what Sacha Laing describes as record FY26 revenue of $207.3 million, with shares surging close to 20% on the result. Laing highlights a 4% lift in total revenue and a 490% jump in in‑store revenue to $18.6 million, driven by an aggressive physical retail rollout. The store network expands to 20 locations, with five additional leases secured for the first half of FY27. New customers rise 14% to 418,000, taking active customers to about 859,000, which Laing views as a key validation of the omnichannel strategy.
Laing characterises FY26 as the most capital‑intensive year in Adore Beauty’s 26‑year history, pointing to a new ERP, the build‑out of a national distribution centre and ongoing technology spend. These investments, in Laing’s view, temporarily weigh on profitability but are intended to underpin stronger revenue and earnings growth from FY27. Guidance points to revenue growth above 10% and underlying EBITDA of $9–13 million, which would more than double profitability year on year.
Despite a damp consumer backdrop, Laing sees a substantial market share opportunity, given beauty’s 87% physical retail skew. The loyalty programme now accounts for over 81% of revenue, with omnichannel customers spending 2.5 times more than online‑only shoppers.
