Dick Smith owner reports falling NZ electronics sales

Dick Smith owner reports falling NZ electronics sales

Dick Smith Electronics owner Woolworths Ltd has posted another decline in sales for its New Zealand consumer electronics division.

Sales results for the 52 weeks ending 27 June show a 12 percent decline in comparable store sales for the division, with an 11 percent drop for the fourth quarter. This follows comparable store sales drops in New Zealand of 17.5 percent for the third quarter and 11.8 percent in the second quarter.

Total sales for the New Zealand CE division fell 5.8 percent for the year and 7.6 percent for the fourth quarter.

The company cited the impact of the weak economic environment on discretionary retailers.

Total consumer electronics sales for Australia and New Zealand grew 3.4 percent on the previous year, with comparable store sales down 0.9 percent. Trans-Tasman CE sales for the full year totalled A$1.5 billion.

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