Dick Smith profit lifts with more stores and small appliance sales

Dick Smith’s growth strategy of opening more stores and adding small home appliances helped the electronics retailer post a 7.5% lift in annual sales to $1.319 billion.

Profit for Dick Smith’s second year as a listed company was up 3.1% to $43.4 million. There’s a final fully franked dividend of 5 cents.

Over the last 30 months, Dick Smith has opened 70 stores and plans to open 15 to 20 new stores next year.

CEO Nick Abboud says the introduction of small appliances in 100 Dick Smith stores and cost cutting will deliver further benefits.

He says a profit of between $45 million and $48 million is likely in 2016.

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