JB Hi-Fi profits fall
Electronics retailer JB Hi-Fi’s full year profit has fallen five per cent, but the company expects sales to grow in the year ahead.
JB Hi-Fi has posted a net profit of $104.6 million for the year to June 30, down from $109.7 million in the previous corresponding period.
Sales in the year of $3.13 billion were up seven per cent on the previous year, due to store growth.
But comparable sales in the year to June were down one per cent on the previous year.
CEO, Terry Smart, said total sales would continue to grow in the 2012/13 financial year to about $3.3 billion, but comparable sales are expected to again drop by one per cent.
“Our market share continues to grow with new stores performing well and online sales growing strongly,” he said in a statement.
“Challenging trading conditions have driven competitors with higher cost bases out of the market, enabling JB Hi-Fi to continue to grow both its store network and market share.
“We are very well positioned for any rebound in consumer spending.”
When Crumpler CEO Adam Wilkinson stepped up to lead the Tigerlily brand earlier this year, he asked customers for f… https://t.co/cGtmSxgHkj21 hours ago
The supermarket giant has received the highest ever fine issued by the Australian Communications and Media Authorit… https://t.co/7DW7PRoizS2 days ago