Sunday, August 11, 2013

JB Hi-Fi back to profit growth

Electronics retailer JB Hi-Fi has posted a better-than-expected 11 per cent rise in its 2013 full-year profit, its first annual profit growth since 2010.

The company also said it would open 12 new stores in the 2014 financial year and expected total sales in 2014 to increase by between 6 per cent and 8 per cent on the current year.

Net profit after tax for the year ending June 30 rose to $116.3 million, compared with $104.6 million a year ago. The result came in slightly higher analysts' forecasts of $115.4 million.

It was also just above the range of $112.0 million to $116.0 million in the company's own profit guidance that was upgraded in May.

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JB Hi-Fi's annual profit had slipped for two consecutive years since 2010, with Australian consumers shifting from retail stores to the internet for cheaper goods.

But chief executive Terry Smart said positive sales momentum had been maintained in the second half of the 2013 financial year. Online sales, which represented about 2 per cent of total sales, were up 29.8 per cent.

The company's shares closed at $18.52 on Friday after hitting a two-year high of $18.93 in July.

Reuters


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