The announcement comes a little over a month since Super Retail issued an earlier profit warning. Photo: Brendan Esposito
The federal budget continues to plague Australian retail as Super Retail Group warns of weaker-than-expected sales over the last six weeks.
Following the downgrade, Super Retail expects full-year net profit to be up just 5 per cent from the previous financial year, coming in between $107 million and $109 million.
A result in that range will no doubt disappoint the market, with consensus estimates, compiled by S&P Capital, expecting profit around $115 million.
Sales have suffered significantly since the Coalition government released its first federal budget six weeks ago, Super Retail said in a statement to the Australia Securities Exchange.