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Profit rise for JB Hi-Fi

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AAP

2013-02-11

Electronics retailer JB Hi-Fi has lifted its first half profit by three per cent and expects full year profit to grow by up to seven per cent.

The company made a net profit of $82 million in the six months to December 31, up from $79.6 million in the same period on the previous year.

Total sales grew by 2.3 per cent from the previous corresponding period, due to growth in the company's number of stores.

On a comparable store basis, sales were down 3.5 per cent from the previous corresponding period.

Chief executive Terry Smart on Monday said calendar 2013 had got off to a positive start, with comparable store sales up 4.2 per cent from the previous January.

He has forecast a full year net profit in a range of $108 million to $112 million, up from the previous year's $104.6 million.