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Dick Smith earnings up four per cent

Dick Smith earnings up four per cent

Half-year results improve on predictions

Dick Smith achieved earnings of $41.7 million in the first half of the financial year, four per cent above prospectus predictions.

The company reported pro forma earnings before interest, taxes, depreciation and amortization (EBITDA) exceeded the predictions laid out in the company prospectus from November 2013.

Dick Smith managing director and CEO, Nick Abboud, said a strong focus on sales, gross margin and reducing the cost of doing business contributed to the result.

The company says that it continues to implement its four pillar growth strategy, focusing on new stores, omni-channel, mobility and private label.

The planned integration of the New Zealand and Australian support functions has support from key suppliers, the company said. It also predicts significant ‘go to market’ benefits and cost savings as a result of the strategy.

The retailer opened 46 new stores in the last half of 2013 with the addition of David Jones electronics.

Dick Smith plans to open a further seven stores, three Move mobile device stores and one David Jones electronics in the next six months.

The company said that online sales continued to grow strongly and accounted for more than three per cent of total sales during the half year.


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Tags dick smith electronicsretail marketASX:DSH

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