Electronics retailer Dick Smith has plunged into the red, making a loss of $8.9 million for the year ending June 24.
The company has suffered a series of profit declines in recent years, with the electronics sector struggling under fierce competition, including from online retailing, and huge price reductions for products, particularly in flat-screen TVs.
Its plunge from a $3.6m profit in the 2011 financial year to last year's $8.9m was despite a modest increase in revenue, up three per cent to $331.3m, according to Companies Office records.
Cost of sales rose six per cent to $255.1m, while branch expenses shot up 32 per cent to $63.5m.
Dick Smith has 61 stores in New Zealand and about 765 staff.
It was bought by private equity group Anchorage Capital Partners from Woolworths for A$20m in September. Anchorage has promised to maintain the retailer's Australasian network of 325 stores.
- © Fairfax NZ News