Oroton shares are getting destroyed

Martin Hunter/Getty Images

Shares in Oroton fell hard after the luxury good retailer issued a profit downgrade.

A short time ago, the shares were down 20% to $1.675.

In a market update, the company says like-for-like sales are down 10%, compared to being up 10% at the same time last year, with only two weeks of trade left of the company’s first half of the 2017 financial year.

Oroton now expects first half EBITDA (earnings before interest, tax, depreciation and amortisation) to be between $4.5 million and $5 million, down from $8.9 million the same six months of 2016.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.