Furniture retailer Fantastic Holdings Ltd says uncertainty in the market will make it difficult to provide specific earnings guidance, but it will continue to roll out its expansion plans including four new stores in Western Australia.
"There are many unknowns in business, even in the best of times, but particularly in the unsettled times we now find ourselves in," managing director Julian Tertini said at the company's annual general meeting today.
"We have recently issued guidance that our full year earnings may be down by up to 20 per cent," he said.
"It is incredibly difficult to pick a figure when we face so much uncertainty."
Mr Tertini said he did not know whether the federal government's spending package would bring more people to Fantastic stores or whether lower interest rates will stimulate the housing market.
"In normal times, these measures would create a boom, but now we are not so sure."
Mr Tertini said that, despite the uncertain times, the company would continue to roll out new stores.
"By the end of this first half, Fantastic Furniture will have opened seven new stores, four of which are in Western Australia," he said.
"During the second half, the Group expects to open a further eleven new stores and there will be three re-locations."
He said the company was confident that the Australian housing market and consumer sentiment would lift at some point.
"We believe that our existing businesses, in particular Fantastic Furniture, can improve on present performance," he said.
"We continue to focus attention on our recently acquired Dare Gallery and Le Cornu furniture brands."
At 1308 AEDT, Fantasic shares was steady at $2.
