Dick Smith demise boosts Noel Leeming

By on September 26, 2016
Dick Smith demise boosts Noel Leeming

The collapse of technology retailer Dick Smith has provided a shot in the arm to local electronics chain Noel Leeming.

Its financial performance was reported on Friday as part of the annual result of its parent company, The Warehouse Group.

Noel Leeming's full-year operating profit rose 87.6 percent to $12.1 million from $6.4m a year earlier.

Annual revenue at the 75-store chain, which The Warehouse Group acquired for $65m in 2012, rose 13 per cent to $752.1m.

Same-store sales jumped 16.7 percent in the fourth quarter of the financial year.

"The exit of Dick Smith has accelerated the already strong momentum in gaining market share [by Noel Leeming]," The Warehouse said on Friday.

Read the full article by Christopher Adams > The New Zealand Herald - nzherald.co.nz