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Godfreys CEO steps down

godfreysGodfreys chief executive, Tom Krulis, has paid the price for a big drop in first half profit that has forced the vacuum cleaner retailer to slash its full year guidance.

Godfreys said unaudited figures showed net profit for the six months to December 30 would be between $4.3 million and $4.5 million, compared to $6.4 million for the prior corresponding period.

It cut its full year profit guidance from $12.9 million to between $8.5 million and $9.2 million.

Former Woolworths general merchandise general manager, Kathy Cocovski, will replace Krulis from January 27, with chairman Rod Walker blaming the drop in profit on a failure to exploit customers’ switching to leaner stick cleaners.

“While the market for stickvacs grew by more than 60 per cent year on year, the late arrival of our product range meant the company was not positioned to capitalise,”  Walker said.

AAP

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