Electrical retailer JB Hi-Fi Ltd (ASX:JBH) has reported a record 29% jump in profit for the first half of the 2010 financial year on the back of strong sales growth.
The result comes as the company today announces CEO Richard Uechtritz will step down in July this year after 10 years at the helm. He will be replaced by the company’s COO, Terry Smart.
JB Hi-Fi posted a net profit of $76 million for the six months to December 31, 2009 - up from $59 million in the same period in 2008. Sales for the period were $1.554 billion.
Mr Uechtritz says he is extremely pleased with the strong result, particularly the comparable store sales growth of 6.5% in December when compared to the prior corresponding period, which was affected by the government’s stimulus package.
JB Hi-Fi posted a profit of $94.44 million for the 2009 financial year.