Woolworths takes hit on Dick Smith
Woolworths takes hit on Dick Smith

Woolworths says its net profit has fallen more than 16 per cent, on the restructure of its Dick Smith chain, and it expects trading conditions to remain subdued for the rest of the year.

The supermarkets giant's $966.9 million net profit after tax for the six months to January 1, 2012, is down 16.8 per cent from $1.16 billion in prior corresponding period.

However, revenue was up 5 per cent to $29.91 billion.

The company declared an interim fully-franked dividend of 59 cents, up from 57 cents in the prior period.

Woolworths reaffirmed its previous full-year guidance.

"We continue to expect growth of net profit after tax, excluding the $300 million restructuring provision for consumer electronics, to be in the range of 2 per cent to 6 per cent in fiscal 2012, subject to the uncertainty in prevailing external conditions," the company said.

Analysts were expecting full year 2012 guidance of 2.4 per cent.

More to come…

The West Australian

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