Dick Smith On Track To Deliver 10% Sales Growth
The retailer expects to record low double digit or high single digit sales growth for the first six months of the 2014/15 financial year.
Like for like sales, which exclude the impact of new store openings and closures, are expected to rise between 1.5 and two per cent.
Total sales were up 10.1 per cent for the first 15 weeks of the year, while like for like sales rose 1.7 per cent so far.
In a presentation at the UBS Emerging Companies Conference, Dick Smith, said sales of Apple products had been particularly strong, while online sales were also growing “exceptionally well”.
Dick Smith said it would continue to grow market share in target categories during the half.
The retailer wants to open 20 stores a year across Australia and New Zealand over the next three years, with a target of 450 stores by 2017.
Meanwhile, it expects to benefit from the recent drop in the Australian dollar, which will help drive “modest inflation” – meaning higher prices for consumers.
The Australian dollar is currently trading around 85 US cents, down by about 10 cents from a year ago.
Dick Smith listed on the ASX in December 2013 and announced a maiden annual net profit of $42.1 million in August.