Dick Smith sales under former parent company Woolworths fell 8.5 percent in the company’s first quarter of 2013, down $41 million to $444 million for the three-month period.
Woolworths sold its struggling consumer technology business to private equity firm Anchorage just seven days before its first quarter of 2013 ended at the end of September.
It offloaded the chain to Anchorage for $20 million after months of searching for a buyer. Not counting inflation, namesake founder Dick Smith sold the chain to Woolworths in 1982 for the same price.
Woolworths today announced total group sales of $15.2 billion, an increase of 4.3 percent on Q1 2012.
The supermarket giant sold the chain to exit the consumer electronics business and offload a division that had been weighing down the sales of the entire company.
Woolworths had 386 Dick Smith stores prior its search for a buyer. It will have closed 96 by the end of FY2013 with the remainder sold off to Anchorage. Anchorage also gained control of Dick Smith’s 4500 staff.
Woolworths has spent $383 million divesting its Dick Smith business.
-1.jpg&w=100&c=1&s=0)
.png&w=100&c=1&s=0)
