Super Retail Group's Limited (ASX:SUL) Managing Director Peter Birtles says it is extremely disappointing to further moderate the company’s profit expectations.
The auto, leisure and sports retailer now expects to post a net profit of between $107 million and $109 million for the current financial year.
The anticipated profit growth of 5 per cent in fiscal 2014 compares to 23 per cent growth achieved in fiscal 2013.
Mr Birtles has stressed the guidance is a result of external factors as opposed to any deterioration in internal execution.
Super Retail has blamed its recent performance on a significant downturn in consumer confidence since the Federal Budget and warmer weather in Autumn.
The company forecasts subdued sales are expected to continue over the remaining two weeks of the current financial year.
Super Retail Group reported a net profit of $61.6 million in the first half of the 2014 financial year.
