Veteran retailer Hilton Brett has ruled out structural problems in the footwear market despite slashing profit forecasts at RCG Corp for the second time in three months, sending the company's shares plunging 27 per cent.

Mr Brett, RCG's co-chief executive, has blamed weak sales of brands such as Skechers, Vans and Doc Martens since Christmas on tougher macroeconomic conditions and soft consumer sentiment rather than a possible collapse in the athleisure category and he is convinced trading conditions will eventually improve.