Woolworths shares have fallen after it posted a 15 per cent fall in full year profit because of its exit from the Dick Smith electronics chain.

The retail giant’s net profit in the year to June 24 was $1.82 billion, down from $2.14 billion in the previous year.

It incurred $366 million in losses from Dick Smith, which has been downsized ahead of a potential sale.

Woolworths shares were down 32 cents, or 1.1 per cent, at $29.17 at 1104 AEST.

Net profit from Woolworths’ continuing operations in the 2011/12 fiscal year was $2.18 billion, up 3.6 per cent from $2.12 billion in the previous year.

Sales revenue rose by 4.8 per cent from the previous year to $55.1 billion, as sales rose in all of the company’s divisions – Australian food and liquor, petrol, Big W, hotels and New Zealand supermarkets.

Customer numbers and market rose during the year, Woolworths said, and the final three months of the year proved stronger than earlier months.

“Despite some of the toughest retail conditions in many years I am satisfied that we have delivered both true value to our customers through lower prices and solid profit growth for our shareholders,” chief executive Grant O’Brien told reporters.

Woolworths has forecast its net profit from continuing operations to grow in the range of three per cent to six per cent in the 2012/13 financial year.

City Index analyst Peter Esho said that forecast was below market expectations of almost eight per cent.

“There will be some disappointment in this rate of growth,” he said.

Woolworths also said the Australian and New Zealand retail sectors would continue to experience challenging trading conditions, as low consumer confidence impacts spending, the company said.

The company declared a fully-franked final dividend of 67 cents per share, up from 65 cents for the same period in the previous year.