Dick Smith has beaten its sales forecast with $1.2 billion in sales for the financial year, the retailer announced today.
The retailer also reaffirmed its earnings and profit forecast for the year. Dick Smith expects pro forma EBITDA of $71.8 million and pro forma NPAT of $40 million for the year to 29 June, according to unaudited figures released to the ASX today.
The result continues the retailer's turnaround, which has seen it steadily add to its store network in the years following its acquisition by investment firm Anchorage Capital.
Dick Smith has opened 57 stores in Australia this financial year, bringing the total number of stores in the country to 316. The retailer expects to open at least 20 more stores in the next financial year.
That strategy seems to be paying off in terms of sales, with Dick Smith today reporting a 15 percent increase in pro forma Australian sales.
Earlier this year Dick Smith reported a dramatic increase in revenue, rising to $637 million for the half year to December 2013, compared to $215 million in the four months to December 2012.
Today's announcement stated that the trading conditions had been "challenging", with Australian consumer sentiment declining steadily since its prospectus was issued.
Dick Smith recently announced it expects a 50 percent increase in mobile phone related sales in the next three years, following a partnership to sell Vodafone postpaid services in 276 stores.
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