JB Hi-Fi Profits Improve 11%

Well known electronics company, JB Hi-Fi, has released its report for the 2013 financial year, showing that they have received a good boost in profit at 11%. The last time the company had good numbers was in 2010.

According to JB Hi-Fi, net profit for the year climb to $116.3 million, up from its profit of $104.6 million in the past year. The year-end profits are even higher than the projected $115.4 million, which was made by analysts. Its profit is even higher than its own profit guidance , which was slated at $112 Million, and had been upgraded in May.

The company said that it is planning to expand for the next year. JB Hi-Fi, in fact, is opening up to 12 new stores around the country and with it, the company is expecting sales to grow by at least 6% to 8% higher than the current year.

In 2010, the company experienced low profit when consumers began to turn to the internet for buying cheaper electronics. Retails stores like JB Hi-Fi had to contend with the challenges, but it looks like its slowly bouncing back.

Its chief executive said that sales momentum had been positive all through the second half of the financial year, including their online store sales which takes up about 29.8% of its profits.

The company closed at two-year high at the end of market today.