Shares in Beacon Lighting fell hard after the company warned of poor sales due to weak consumer confidence and intense competition.
A short time ago, the shares were down more than 20% to $1.27. Other listed retailers were also under pressure today with Harvey Norman down 2% to $4.59, JB Hi-Fi 2.7% to $23.11 and Myer 1.4% to $1.21.
Beacon says it expects EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the full year to June 26 to be within the range of $28.2 million to $29.2 million, compared with $27.4 million in 2015.
The company says sales during the past 10 weeks have not met expectations due to change in timing of the Easter break, weak consumer confidence and an increase in clearance activity by competitors.
However, Beacon says it expects sales and net profit after tax for 2016 will be higher than 2015.