Investors at Briscoes Group's annual general meeting in Auckland have been told the retail market has never been tougher.
The company operates the Briscoes Homeware, Rebel Sports, Living & Giving and Urban Loft chains.
While Briscoes and Rebel Sports are performing well, it says Living & Giving is continuing to struggle and is not providing the returns the group is seeking.
Managing director Rod Duke says shoppers continue to be cautious.
''It's really just the unpredictability of it,'' he said.