November 12, 2019

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Dick Smith reports full year figures

by Stuart Wilson, Friday 4 September 2015

Retailer Dick Smith, which operates in Australia and New Zealand, posted sales for the year ending 28th June 2015 of AUD1.32 billion (US$920m) – up 7.5% year-on-year. After-tax profits before restructuring costs climbed 3.1% year-on-year to hit AUD43.4m (US$30.1m), representing a profit margin of 3.29%. Nick Abboud, Dick Smith managing director and CEO, said: “We are pleased to have delivered another solid underlying profit performance in this our second year as a listed company.”

Since implementing the Dick Smith growth strategy 30 months ago, the company has opened 70 new stores, including 14 new Dick Smith and 6 new Move stores. As of June 28th 2015, the retailer operated 393 stores across Australia and New Zealand. The retailer expects to have between 420 and 430 stores operating by the start of fiscal year 2017.

Dick Smith reckons that it has attracted new consumer demographics through the introduction of new retail formats. Online sales accounted for 8% of revenues in fiscal year 2014-2015, up from 4% the previous year. Dick Smith now operates a pay online and collect in store service from all its retail outlets. Private label products accounted for 12% of sales with Dick Smith’s premium Move brand available in all stores.

Abboud commented: “Customers have embraced both our Dick Smith and Move branded private label products. The quality, aesthetic and price points of these products appeal to a broad cross section of our customer base as well as a range of new customers looking for great quality at an affordable price.”

“We are excited with the performance of our private label products with consumer demand driving a 40% expansion of our range during 2015. This has allowed us to price our branded products more competitively, enabling us to grow our market share,” Abboud added.

Dick Smith is also now trying to grab market share in the small appliances market and will roll out a ConnectedHome section into 100 stores – 15 in New Zealand and 85 in Australia. The sections will stock small appliances with smart functionality. Dick Smith wants to grab 10% of the small appliance market in the region, which is estimated to be worth AUD1.7 billion (US$1.26 billion) per annum.

DISTREE APAC 2015

Channel APAC is an official Media Partner for regional technology and consumer electronics retail channel event DISTREE APAC taking place October 7-9th in Singapore. Vendors and channel partners requiring more information about DISTREE APAC 2015 should contact events@channelemea.com quoting code DAP15.

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