Electronic retailer JB Hi-Fi Ltd
(ASX:JBH) has reported a 45 per cent increase in full year net profit and says it expects sales growth of around 20 per cent for fiscal 2010.
Net profit for the 12 months to June 30 came to a record $94.4 million, up from $65.1 million recorded the year before, exceeding the company’s guidance in June of around $92 million profit due to stronger than expected June trading.
Sales rose 27 per cent to $2.327 billion for the year, with the company saying it expects sales to rise 20 per cent to around $2.8 billion for the 2010 financial year.
Sales for July and August this year have met internal expectations, with comparable sales up 3.8 per cent for the year to date.
JB Hi-Fi raised its final dividend for the year declaring a fully franked dividend of 29 cents a share.
JB Hi-Fi’s profits have been increasing year on year for the past four years.
