It blamed an "increasingly difficult consumer environment" in the USA where the iconic boots and shoes have failed to catch the public's imagination.
The shares plummeted 25p, 21%, to 90p, which leaves the business valued at £865 million. The stock floated at 370p and soon soared to 450p on the hope that the distinctive, if expensive, boots would be a worldwide hit. The company was then worth £4 billion.
Today it said profits for the half year to September are down 55% to £26 million, though it managed to hold the dividend at 1.56p.
Sales fell 5% to £395 million.
Chief executive Kenny Wilson claimed the business is making "good progress with our strategic priorities".
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