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.”

AAP

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