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Dick Smith: Shares in electronics retailer crash as much as 69 percent as $60 million earnings hole lingers
Shares in electronics retailer Dick Smith have crashed by as much as 69 per cent after the company surprised investors with a $60 million earnings impairment.
In a statement released to the ASX, Dick Smith said November trading was below expectations and the company's stock holdings remained above management's preferred levels.
"We remain cautious, on the outlook for the Christmas trading period," Dick Smith managing director and CEO Nick Abboud said.
"We will continue to drive sales, maintaining flexibility on gross margin to reduce inventory and improve our net debt position."
The company also said it was unable to reaffirm its earlier profit guidance.
In October, Dick Smith said it anticipated profits would be $5 million to $8 million lower than its previous guidance of $45 million to $48 million.
Forager Fund Management chief investment officer Steve Johnson said the company was looking problematic for investors.
"You would look at it and say it doesn't have a lot of debt but it does have commitments to pay a lot of rent and that can be a very big problem," he said.
"I would guess from today's announcement that it will be loss-making rather than profitable at all."
JB Hi-Fi a strong rival
In 2012, private equity firm Anchorage bought Dick Smith from Woolworths for $94 million.
A year later, the company floated on the stock market at $2.20 per share, making its market value $525 million, a gain of nearly 500 per cent.
"It is basically reverting back to its former self and ... there's an argument to be made that it was perhaps never making any genuine profits, but was temporarily dressed up by private equity to be able to sell it to the market," Mr Johnson said.
Mr Johnson said it was likely Dick Smith would begin to close stores as its main rival JB Hi-Fi takes more of its market share.
"I think if anything, this has just highlighted some of JB Hi-Fi's competitive advantages and how entrenched it is in consumer's minds," he said.
"They've got a broader mix of products, they've got a much lower cost of doing business, it's a more attractive place to go and shop." |
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简易版烤鸭 (2008-7-27) cctang 
发表于 2015-11-30 11:50
