Pacific Retail shares drop

Pacific Retail Group's share price plummeted 11 per cent today after it posted a profit warning for its half-year result, due late November.

The company said expenses incurred in its unsuccessful bid for retail chain Farmers, a challenging retail environment and the costs of new initiatives would have a "significant" impact on its results compared with the previous half-year.

Shares closed at $2. They opened at $2.21.