Finance Finance News JB Hi-Fi lifts profit 10%

JB Hi-Fi lifts profit 10%

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Electronics retailer JB Hi-Fi has lifted its half year profit more than 10 per cent on stronger sales and improved margins.

JB Hi-Fi made a net profit of $90.3 million for the six months to December 30, up from $82.1 million for the same time last year.

Total sales were up 6.8 per cent over the six months, to $1.94 billion. Comparable sales growth was up 2.8 per cent.

Meanwhile, the retailer lifted its gross margin 11 basis points to 21.6 per cent, although its cost of doing business rose slightly from 13.8 per cent to 13.9 per cent.

The retailer announced a fully-franked interim divided of 55 cents, up from 50 cents a year ago.

Chief executive Terry Smart said the company expects its full year net profit to be between $126 million and $129 million, with annual sales growth of between six and eight per cent.

He said the company was continuing to open new stores and expand its market share.

“We continue to have many opportunities for growth in our traditional categories with the opening of new stores, market share gains and the expansion of our commercial division,” he said.