The SMH reports that
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Godfreys chief executive Tom Krulis has paid the price for a big drop in first half profit that's 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 forecast from $12.9 million to between $8.5 million and $9.2 million.
Former Woolworths general merchandise general manager Kathy Cocovski will replace Mr Krulis from January 27. Chairman Rod Walker blamed the drop in profit on a failure to exploit the customers' switch to leaner stick cleaners."
