JB Hi-Fi lifts FY profit

JB Hi-Fi (JBH) expects further growth in the consumer electronics market and increased sales in the coming year, following a lift in the group's full-year net profit.

Investors welcomed the result. At the 1015 AEST official market open, JB Hi-Fi shares were 2.54% to $18.99, against a benchmark index fall of 0.07%.

In the year to June 30, JB Hi-Fi's net profit was $116.4 million, an 11.22% increase on the $104.6 million recorded in 2012.

Full-year guidance had been set to between $112 million and $116 million, and analysts polled on Bloomberg were expecting $115.5 million.

Revenue in the same year was $3.308 billion, 5.77% higher than the total revenue recorded in 2012 at $3.127 billion.

The group will pay a fully-franked final dividend of 22 cents, payable on September 6, to shareholders on the register at August 23.

Combined with the group's interim dividend of 50 cents, JB Hi-Fi will pay a fully-franked total dividend of 72 cents.

JB Hi-Fi group said it expects to grow sales in fiscal 2014 by between 6% and 8% on the prior financial year.

The group said a solid pipeline of new products in the year ahead, such as UHD TV and gaming consoles, will continue to drive growth in the consumer electronics market.

In addition, the retailer anticipates the opening of 12 new stores in the year ahead, while 10 existing stores will be converted to to the JB Hi-Fi Home concept.