Hallenstein Glasson has seen no relief from the retail recession.
Profit tumbled 25% to $15.8 million in the year to August, due to tough trading conditions and waning consumer spending.
Sales in the clothing retailer fell 9% in the first two months of the current year, with mixed results on either side of the Tasman as Australian sales rose and New Zealand sales fell.
Hallenstein doubts it will match last year's half year profit of $10 million.
Shares closed unchanged at $2.87.