By Claire Reilly

SYDNEY, NSW: Woolworths Limited, parent company of the consumer electronics chain Dick Smith, has released its annual report for the 2010-2011 financial year, with managing director and CEO Michael Luscombe saying the company experienced strong results despite tough retail conditions.

According to the MD’s report, Dick Smith experienced “good comparable sales growth relative to the market, underpinned by a new store format.” This new format encompassed “a clear brand and price focus, an enhanced range, best pricing and right Techxpert advice including [a] ‘we’re doing deals’ campaign”.

Giving insight into the strong performers of the consumer electronics trade in the current retail climate, the managing director’s report noted that “laptops and tablets [are] growing strongly via competitive pricing, new improved range and in-store presentation”.

In addition, Gaming and Mobile offers also performed well over the year according to the report, thanks in part to interactive in-store presentation.

“Consumer Electronics Australia increased total sales by 2.1 per cent and comparable sales by 4.2 per cent which was a good outcome relative to the overall market,” read the report. “However, trading continues to be impacted by tightened consumer spending and significant price deflation in key products.”

In addition to bricks and mortar stores, Dick Smith’s “multi-channel expansion” is performing well according to the report. “The refreshed website is trading strongly in Australia and New Zealand with new features including ‘Click & Collect’,” the report read.

Michael Luscombe will be stepping down as CEO of Woolworths Limited as of 1 October 2011, with the position to be filled by current deputy chief executive officer, Grant O’Brien.