Toll Holdings shares fell 14% this morning after the company said its pre-tax earnings for the financial year will be lower than the previous corresponding period.

The company says it now expects pre-tax earnings of between $400-420 million, down from the previously recorded $436 million.

Chief executive Brian Kruger, says the business had come under "continued pressure from the soft retail sector''.

''In addition, we had seen a deterioration of the performance of Footwork Express, and continued poor financial and operational performance in Toll Marine Logistics... particularly in Asia,'' he says.

This article first appeared on SmartCompany.