Shares in Aga Rangemaster, the firm behind the iconic cookers, have sunk 22% after the firm warned its profits were set to be hit by a slide in sales.
It said operating profits in the second half of the year would be "appreciably lower" than in the first half.
In recent weeks sales have fallen 15% compared to a year earlier, worse than the 5% sales drop seen over the summer.
"Consumer markets are clearly weak and the impact of the macroeconomic environment is being felt," it said.
The firm said that it had increased market share, and that sales of wood-burning cookers and stoves going well.
However, overall sales had been hit by the fall in the number of property sales following the downturn in the housing market.
Aga said it had continued to carry out cost-cutting moves aimed at saving £6m, including moving the firm's head office to the new Rangemaster distribution centre in Leamington Spa.