Dick Smith lowers profit guidance

Company News

Dick Smith Holdings Limited (ASX:DSH) has warned shareholders of a likely fall in full year profits.
 
After labelling 2015 a challenging year financially for the company, the consumer electronics retailer warned shareholders that full-year net profit after tax for FY16 may be $5 million to $8 million below the previous forecast of $45 million to $48 million.
 
Dick Smith said sales rose 6.9 percent in the first quarter of the fiscal year, compared with a year earlier.
 
Dick Smith chief executive Nick Abboud said that despite pursuing promotional activity, sales growth in October was disappointing.
 
Dick Smith recorded a net profit of $37.9 million at 30 June 2015.

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