Dick Smith backs away from profit guidance after inventory write-off

 In Australia, NewZealand
Dick Smith shares plunged more than 50 per cent to 32¢ shortly after trading opened on the ASX after it backed away from its October profit guidance and warned of more write downs.
The consumer electronics retailer slashed the value of inventories by at least $60 million and the stock is now down 85 per cent since the start of the year and has a market capitalisation of just $74.5 million. Sydney Morning Herald – Read more…

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