JB Hi-Fi confident on profit

 

jbhifiJB Hi-Fi is on track to lift its profit this financial year by about 10 per cent despite winding back its sales expectations.

The retailer, which specialises in DVDs, CDs and electronic games, expects a 5.3 per cent rise in annual sales for 2013/14, slightly below its previous forecast of six to eight per cent.

However, it is sticking by its previous guidance of a $126-$129 million net profit for the year, a rise of between 8.3 and 10.8 per cent.

JB Hi-Fi’s earnings update follows warnings from several retailers in recent weeks about a sales slump amid consumer worries about spending cuts announced in May’s federal budget.

Meanwhile, the retailer’s CEO Terry Smart has named his retirement date – June 30.

Smart, who announced his plans to step down in April, will hand over the reins to CFO, Richard Murray.

Shares in JB Hi-Fi were 40 cents, or two per cent, higher at $19.13 at 1031 AEST.

Comments

Comment Manually

Twitter

Winning Appliances officially opened its store in Chadstone shopping centre this week, with three bespoke, built-in… https://t.co/5NfHiDFU7f

23 hours ago

Less than 4 days away, Inside Retail Live is back w/ an amazing speaker line-up & an all new choose your own advent… https://t.co/5M5wdindHM

2 days ago

David Jones' comp store sales were down 0.5 per cent in the first half of FY20, the department store revealed this… https://t.co/vkai4ow7j0

2 days ago