JB Hi-Fi Limited (ASX:JBH) has reported a 7.6 per cent drop in net profit.
To the year to June 30, the home electronics retailer reported a $118.7 million profit, after describing the period as ‘challenging’ for the retail sector.
Total sales rose 8.3 per cent to $2.96 billion, from the previous year's $2.73bn, but on a comparable stores basis they fell 1.2 per cent. The company guided for sales of $3bn.
The company expects sales in the 2012 fiscal year to be around $3.2billion.
