JB Hi-Fi price lifts 1.6% despite softer profit
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More news: Record sales helped JB Hi-Fi's share price surge almost 3% in early trading, despite weaker profit figures for the year. At around 12.30pm AEST it was trading at $48, up about 1.6% from Friday's close.
JB Hi-Fi full-year profit dips despite record sales
The news: Consumer electronics giant JB Hi-fi has reported a dip in full-year profit despite record annual sales.
The numbers: Net profit for the year to 30 June was down 3.7% to $524.6 million but came in ahead of analyst expectations. Total sales for the year rose 4.3% to a record $9.63 billion. The company will pay a final dividend of $1.15 per share, down from $1.53 a year ago.
The context: JB Hi-Fi said it had improved gross margins during the year but cost of doing business had also increased. Chief executive Terry Smart noted that there continued to be “heightened uncertainty in the retail environment”. The company said so far in the current year, sales at its Australian JB stores were down 2.9% on a comparable basis and up 10% at the JB Hi-Fi New Zealand stores. Sales at The Good Guys were down 12% on a like-for-like basis.
The source: ASX announcement
