JB Hi-Fi profits up 45 percent for FY09

JB Hi-Fi profits up 45 percent for FY09

ASX-listed retailer, JB Hi-Fi (ASX:JBH) has posted record profits of A$94.4 million for an increase of 45 percent over the full financial year to June 30.

A strong June trading period pushed the result higher than the retailer’s guidance in June of $92 million and was supported by sales growth in all categories including games, computers, and DVDs.

In a statement the retailer said gross margins were also strong, hitting 21.6 percent.

“Once again this is a very pleasing result during what is considered a sustained, generally weak retail climate,” JB Hi-Fi CEO, Richard Uechtritz, said in the statement.

The retailer operates 123 stores (109 in Australia and 14 in New Zealand) but will expand with another 18 in the new financial year with a view to reaching 210 in future.

The full year results cap off a strong year for JB Hi-Fi with the Federal Government’s stimulus package alleviating some of the pressure of the tough economic conditions.

However, other retailers have not been so lucky with Harvey Norman deciding to close its OFIS chain.

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