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OrotonGroup Limited (ASX:ORL) saw its share price lose almost a quarter of its value yesterday as it announced a dire profit warning.The fashion brand blames its poor earnings on a reduction in discounting, lease costs on a Hong Kong store that was closed and the startup costs of its investment with US label Brooks Brothers.
Underlying earnings are set to be $2.5 - $3 million lower than in the corresponding period last year.
CEO Mark Newman says all brands operated in a heavily and greater than anticipated discounted pre and post Christmas period.
Oroton reported a net profit of $8.25 million in the 2014 financial year.
