Shaver Shop shares have tumbled nine per cent after it warned that earnings for its first financial year as a listed company could fall short of its prospectus forecast by as much as 18 per cent.
Shares in the retailer, which listed on the Australian Securities Exchange on July 1, fell 6.0 cents to 60.5 cents in the first 12 minutes of trade on Friday.
That was after Shaver Shop said full-year earnings before interest, tax, depreciation and amortisation are likely to be between $12 million and $13.5 million, compared to its prospectus forecast of $14.7 million.
"Despite strong Boxing Day trading, we have found the last two months to be challenging with unprecedented same store sales volatility in recent weeks," chief executive Cameron Fox said.
Even so, Mr Fox pointed out that Shaver Shop had still managed to lift first-half profit by 9.3 per cent to $6.3 million.
"Looking at the big picture, we grew our profitability in the first half in what appears to have been a tough retail trading period for many specialty retailers," Mr Fox said.
Shaver Shop said it opened eight new stores in the six months to December 31 and secured five franchise buybacks as it continues its transition to a corporate store model.
The company now owns 93 corporate stores in Australia and New Zealand, with another 15 operating under franchise.
SHAVER SHOP'S HY RESULTS * Net profit up 9.3pct to $6.3m
* Revenue up 26.2pct to $78.5m
* Interim dividend 1.6 cents, fully franked
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