Dick Smith is clawing back

Photo: Getty.

Dick Smith, whose shares were cut in half yesterday after a profit warning, is clawing back ground today.

A short time ago, the shares were at 31 cents, up 10.7% from yesterday’s close of 28 cents but a long way from the year high of $2.26.

Last month the company cut its guidance for net profit $8 million lower, to $45 million from $48 million.

Yesterday, it told the market its October sales were disappointing and November trading was below expectations.

It also announced a non-cash impairment of $60 million after an inventory.

“Given the non-cash write-down and the uncertain trading outlook, the company is unable to re-affirm the profit guidance previously provided,” the company said.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.