Outdoor goods and clothing retailer Kathmandu Holdings' full-year earnings are expected to be down by nearly a third despite a strong sales recovery post the Covid-19 lockdown.
The group owns Kathmandu stores as well as footwear maker OBOZ and Rip Curl.
The company's earnings in 2019 were about $100m.
Its adjusted earnings before tax for the 2020 financial year is expected to be $70m.
Total group sales for the 10 months ended 31 May were down 15.1 percent on the same period last year.
Online and store sales for the last six weeks were up 21 percent at Rip Curl, and 12.5 percent at Kathmandu.
The company said there remained significant risk over future economic conditions following the conclusion of government-assisted packages, further Covid-19 outbreaks, and the impact of lower-foot traffic on CBDs and stores in tourist areas and travel restrictions.
It said despite a strong recovery in sales, it remained cautious about medium-term levels of consumer demand.
In April, Kathmandu Holdings completed a successful equity raising of $207 million to strengthen its balance sheet and liquidity position.
It said based on the Group's current assessment of the operating environment. available liquidity in excess of $300m was expected at the end of this financial year.