The Warehouse Group's first-half profit has sunk 26.2 percent and the discount retailer is blaming a number of factors including the weather.
Net profit fell to $43.3 million for the six months ended late January, with operating profit from its key Red Sheds down nearly 11 percent.
The Warehouse accounted for more than 92 percent of the operating profit.
Chairman Ted van Arkel said trading conditions were tough in the half-year.
He said that included a cold spring and a later start to summer.
The company's sales rose 1.9 percent in the six months to $1.45 billion dollars.
Shares in The Warehouse fell nearly 5 percent to $2.77 in Friday morning trading.