The Warehouse Group shares have dropped by 14c after its retail figures for the Christmas period were released with a flat result.
It follows speculation before the silly season that the red sheds would do well during the recession with more people shopping for bargains.
However chief executive Ian Morrice says there was no rise in retail sales and today's drop in share prices is reflecting that.
Despite flat retail results, Mr Morrice says the Warehouse sales have been pretty consistent over the last few years.
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