Sportswear and footwear retailer Gresvig ASA on Tuesday posted a plunge in third quarter pre-tax profit to 2.2 million Norwegian Kronor ($310,000) from 20.5 million kronor ($2.9m) last year.

The company said the weak results were due to strong competition in the Oslo area, where most of the own stores are located, but also a lack of focus on profitable operation in own stores.

The firm, whose banners include G-Sport, said it had drawn up an action plan which would be implemented immediately in order to restore sales and profit growth.

It added it sees a full year pre-tax profit of 55 to 60 million Norwegian Kronor without providing a year-ago figure.