Fisher & Paykel Appliances' full-year net profit is down $15 million on last year.

Fisher & Paykel's half-year net profit falls $10.3 million to $976,000.

Shares in Fisher & Paykel Appliances shed 6c to 51c today after a warning sales of fridges and other whiteware aren’t tracking as well as the manufacturer hoped.

F&P Appliances chief executive Steve Broadhurst said the company has “raised the flag and lowered its full year earnings guidance to between $15 million and $25 million."

Mr Broadhurst said while retail sales were down generally, appliances were among the categories hardest hit.

Fisher & Paykel Appliances shares (NZX:FPA) have fallen 10.5%, dropping 6c to 51c after a profit warning.  

The company today revised down its full year earnings guidance for the appliances' business as a result of "deteriorating" retail trading conditions.

F&P's trading result was below expectations in November, although this did include a number of unfavourable one-off items.

Fisher & Paykel Appliances has confirmed it will no longer deal with a limited number of retailers as it makes the biggest changes to its local distribution network in more than half a century.

The appliance manufacturer’s current distribution agreement requires it to sell products to a set number of retailers on an exclusive basis, with a reciprocal agreement for those retailers.

Just 40 days after it assured shareholders that it was on target to meet its forecasted annual revenue targets, Fisher & Paykel Appliances (NZX: FPA | ASX: FPA) is now blaming a flat US market over the past few months for a $19-$24 million sales shortfall - and things are unlikely to improve soon.