The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back the majority of its morning gains and is just a touch higher at 6,169 points in afternoon trade.
Four shares that have had a disappointing start to the week are listed below. Here's why these shares have dropped lower today:
The Adairs Ltd (ASX: ADH) share price has fallen almost 6.5% to $1.90 despite the release of a strong first half result. The homewares retailer posted a 10.6% increase in half year sales to $164.4 million and a 9.1% lift in half year net profit after tax to $14.9 million. This allowed the Adairs board to increase its interim dividend by a sizeable 18% to 6.5 cents per share fully franked. Management also advised that same store sales are up 7.7% so far in the second half.
The G8 Education Ltd (ASX: GEM) share price has crashed 12.5% lower to $3.18 following the release of the childcare centre operator's full year results. The market appears to have been left disappointed with G8's 12.7% decline in underlying EBIT and a 1.9 percentage point drop in its occupancy rate to 74% on a like for like basis.
The oOh!Media Ltd (ASX: OML) share price has fallen 7.5% to $3.77 following the release of the media company's full year result. Although revenue came in 27% higher at $482.6 million, net profit after tax fell 4% to $31.6 million. Management blamed the decline on acquisition costs. Underlying NPATA came in at $51.1 million, which was an increase of 18% on the prior corresponding period.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has dropped 5% to $4.65 after the release of the plumbing parts company's mixed half year results. Although the company posted a 65% increase in adjusted EBITDA to $130.8 million, this growth was fuelled by its $1.2 billion acquisition of the John Guest business. Excluding this acquisition, EBITDA would have fallen 3% on the prior corresponding period.
