JB Hi-Fi chief executive Terry Smart attributed a record half year profit of $87.9 million to the company’s diverse range which it says helped absorb a reduction of sales in other categories.
JB-Hi today reported a 7 percent increase in net profit after tax from $1.683 billion of sales for the six months ending 31 December.
Total sales growth for the period was 8.3 percent in
Earnings before interest and tax was $127 million, up 14 percent from the previous corresponding period.
Online sales were up 49 percent in December alone.
“Our sales growth of 8.3 percent was pleasing given the significant price deflation experienced particularly in flat panel TVs and the decline in games which was driven by the lower sales of Nintendo Wii, Nintendo DS, and Sony PSP off the strong growth last year.
“The strength of the model was shown over the half as the diversity of our product offering assisted us in absorbing the reduction in sales in some key categories," Smart said.
JB Hi-Fi opened 10 shops in
The company expected a continued expansion in the tablet PC category and continued growth in the smart phone sector for the rest of the year.
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