Fantastic downgrades profit guidance Furniture retailer Fantastic Holdings has downgraded its full year profit guidance, citing subdued trading over the past few months. "The sales strength usually experienced in March and April did not eventuate this year and subdued trading has continued into May," Fantastic said in a statement on Monday after the close of share market trading. "The subsequent sales shortfall, combined with costs associated with various strategic initiatives, has impacted the projected NPAT (net profit after tax) for the financial year ending 30 June 2013," the company said. Fantastic now says net profit for the full financial year will be in the range of $13.5 million to $15.5 million. Although the expected results were lower than previously expected, the company said it continued to be supported by a strong and robust balance sheet. "We continue to invest in the ongoing improvement of operational efficiencies as we build our core brands throughout Australia," it said. Fantastic, the group behind brands such as Fantastic Furniture, Plush, OMF, Dare Gallery and Le Cornu, in February reported a 35 per cent rise in net profit to $13.5 million for its first half to December 2011, and at the time forecast low growth in an uncertain retail environment.