"The exit of Dick Smith has accelerated the already strong momentum in gaining market share [by Noel Leeming]," The Warehouse said.
"Significant growth in sales overall for the year reflects Noel Leeming's leadership position in key growth categories such as cellular."
Dick Smith collapsed into receivership in January amid a sales slump that left it with a mountain of excess stock that had to be heavily discounted in the lead-up to Christmas.
It has now closed the more than 390 stores it operated on both sides of the Tasman, although the brand continues online under a new owner that bought the rights to it in March.
Dick Smith went into receivership owing A$390m ($410m) to creditors and more than 2800 staff were affected by the chain's closure.
Analysts at Morningstar said the Dick Smith collapse had boosted Noel Leeming's business in the same way it had benefited Australasian retailers Harvey Norman and JB Hi-Fi.
"The [Noel Leeming] unit now represents 11 per cent of retail operating profits, putting it just behind Warehouse Stationery in importance for the group," Morningstar said.
"However, consumer electronics remains a highly competitive market in New Zealand and we estimate operating margins at Noel Leeming to remain relatively tight at around the 1.6 per cent achieved in fiscal 2016."
The Warehouse reported a 12.3 per cent lift in full-year adjusted profit to $64.1m.
Revenue rose 5.6 per cent to $2.9 billion.
Morningstar said The Warehouse's core Red Sheds business would face a more competitive environment this financial year as international clothing retailers entered New Zealand.
"We anticipate competition in the apparel category to be particularly fierce, with Zara and H&M expected to increase their market share."
Shares in the Warehouse Group, which have gained 22 per cent in the past year, closed yesterday at $2.95.
