JB Hi-Fi lifts H1 sales, profit

JB Hi-Fi (JBH) says it is on track to post considerable increases in both full-year sales and profit after unveiling upbeat first-half results to the market.

In the six months to December 31, net profit attributable to members was $90.296 million, an increase of 10.04% on the $82.058 million recorded in the first-half of the previous year.

In the same period, revenue was $1.940 billion, a 6.81% increase on the $1.816 billion in the previous comparable period.

The group will pay a fully-franked interim dividend of 55 cents, a 10% increase on the previous corresponding period.

The group said it expects full-year net profit after tax to total between $126 million and $129 million.

Sales in in fiscal 2014 are seen increasing by between 6-8% year-on-year.

In the same period JB Hi-Fi expects to open eight new stores - two in the second half - as well as converting 13 existing stores to JB Hi-Fi HOME stores - six of which will be converted in the second half.