JB Hi-Fi's sales success continues, with the company today reporting it expects 6.8 percent sales growth for first half of the 2014 financial year.
Total sales were $1.94 billion for the six months ended December 31 compared with $1.82 billion for the same period during 2013. Net profit after tax was up 10 percent to $90.3 million, compared to $82.1 million the year before. Gross margin is up 11 bps to 21.6 percent.
The results were released today in a half yearly trading update, with full half yearly results including full year earnings guidance on February 3. Today's results were released early "in view of recent announcements from other retail companies", according to a company statement.
The results follow strong performance for JB Hi-Fi for the previous financial year, for which sales grew 5.8 percent and net profit 11.2 precent.
In the last year JB Hi-Fi has moved into the education market, supplying outsourced IT services to schools through the acquisition of Network Neighborhood. As previously reported, the company aims to grow its commercial business to $500 million.
Last year JB Hi-Fi revealed plans to open 50 stores over the next three years.
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