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
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.
Not only had demand deteriorated, market conditions have also adversely affected F&P's third party component and technology sales.
December and January were peak months for refrigerator sales and critical months for meeting full-year sales targets, he said.
“It’s very volatile. If market conditions don’t improve and we keep seeing what we’ve seen to date, we’re putting up a flag and saying it’s tough out here. Things are not getting better and in fact, they’re getting a little worse.”
F&P shares fetched between 50c and 68c this year. Gross profit for the company’s finance arm, Fisher & Paykel Finance was expected to remain unchanged at around $35 million.
