Dick Smith's annual NZ profit drops
Dick Smith Holdings, the Australian consumer electronics chain, says its New Zealand unit reported a 71 percent slump in annual profit after a "challenging year".
Net profit in New Zealand fell to $A903,000 ($NZ1.01 million) in the year ended June 28, compared to $A3.2m a year earlier, the ASX-listed company said in a statement.
Sales declined 6.9 percent to $A166.6m while earnings before interest, tax, depreciation and amortisation declined to $A4m from $A10.5m a year earlier.
"New Zealand was challenging during the year reflecting macro and competitive pressures," chairman Robert Murray and chief executive Nick Abboud said in the annual report.
Sales were affected by aggressive competitive pricing and a deterioration in consumer sentiment, particularly in the first half, they said.