REPORTING SEASON: JB Hi-Fi (JBH)
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Figure 1: JB Hi-Fi 12 month chart
Discount retailer JB Hi-Fi Limited (JBH) has posted its first annual profit growth since 2010 thanks to stronger sales and improved margins.
Net profit for the year to June 2013 rose 11.2% to $116.4M, above the company’s own guidance of $112-116M announced in May.
Total sales rose 5.8% to $3.3B while online sales, which account for around 2% of total sales, rose 29.8%.
JB Hi-Fi opened 13 new stores in Australia in FY13 after closing three existing ones and plans to open a total of 12 new stores in FY14, with four scheduled for 1H14.
The company expects FY14 sales to increase by 6-8%.
“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,” CEO Terry Smart said today.
Shareholders will receive a final dividend of 22c per share to be paid on 6th September 2013, bringing total dividend payments to 72cps.
JBH shares are up 84% so far this calendar year, after reaching a two year high in July.