JB Hi-Fi lifts sales

Stronger sales and improved margins have seen retailer JB Hi-Fi lift its net profit more than 11 per cent. Resource-13

JB Hi-Fi recorded a net profit of $116.4 million for the 2012/13 financial year, up from $104.6 million previously.

The company recorded total sales growth of 5.8 per cent for the full 12 months, with sales up more than 10 per cent for the second half of the financial year.

JB Hi-Fi CEO Terry Smart said the company had also focused on improving margins and controlling costs.

The retailer opened 13 new stores in Australia during the year and closed three existing ones. It expects to open another 12 stores this year.

Smart said JB Hi-Fi expected to lift total sales by between six and eight per cent this year.

“We have seen a good start to (this financial year) with the continuation of the positive comparable sales seen in the second half of (last financial year),” Smart said in a statement.

“We see good growth opportunities ahead with a strong line up of new products planned for the first half of the year, growth from our new store roll out program and the expansion of the home appliance categories.”

AAP

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