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According to the company, its full-year net profit declined by 23.7 per cent to $10.3 million despite its sales growing by some 17 per cent to $534.8 million over the same period.

In an interview with ninemsn, Clive Peeters MD Greg Smith said the markets for whitegoods and cooking appliances "were soft all year due to high interest rates and high fuel and food costs, combined with flat housing markets in the eastern states".

Smith added that, "The most recent interest rate rise in April 2008, along with a further escalation in fuel and food costs, were the final triggers that put the brake on spending on consumer discretionary items."

Regardless of these results, the company confirmed that it will be trailing a new concept store in Victoria soon.