By almost 15%.

Godfreys has reported a 14.8% decline in like-for-like sales for the month to date in June, in comparison to the previous corresponding period. Year to date like-for-like sales are currently down 8.5%.

In a statement to the Australian Securities Exchange (ASX), the retailer said, “On May 9, Godfreys advised the market that underlying EBITDA for FY18, before restricting and one-off costs, would be approximately $3.5 million. Following further analysis by the new executive team, Godfreys now expects the final EBITDA for FY18 to be in the range of zero to $1.5 million, before restricting and one-off costs, year-end accounting adjustments and audit adjustments.

Godfreys Warrnambool, Victoria

“The company reiterates that the profitability of the business is highly sensitive to sales revenue.”

Godfreys is currently in discussions with its principal financier, 1918 Finance Pty Ltd about an extension to the limit on its existing $30 million senior debt facility.