Shares in luxury fashion retailer Oroton have gone into trading halt.
The company, which has the Gap brand in Australia as well as its own label, says preliminary sales numbers for April show that earnings are down again.
Oroton says it is now preparing a report on the financial impact.
Its shares last traded at $1.35, down more than half the year high of $2.85.
The retailer has been working to re-establish its brand in the luxury end of the market, smartening up its stores and ending heavy discounting.
However, revenue was challenged by weak Boxing Day and New Year sales.
In half-year results announced in March, revenue was down 10% to $67.1 million and net profit dropped 52% to $1.8 million.
And last month Mark Newman stepped down after four years as CEO. Ross Lane, a director and major shareholder, is acting as interim CEO.
Clothing retailers in Australia have been under pressure from emerging competitors online and general market conditions.
In February, fashion labels Marcs and David Lawrence went in to voluntary administration, the latest in a string of players going into administration, including Payless Shoes, Pumkin Patch, Howards Storage World and Dick Smith stores, which closed last year.
The post Christmas sales, including end of year and Boxing day sales, have been disappointing. Myer, in its half year results, says sales were subdued during the stocktake sale caused by widespread discount fatigue among consumers.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.