JB Hi-Fi lifts sales in March quarter

Retailer posts increase in sales, plans to undertake on-market share buyback.

JB Hi-Fi (JBH) has lifted comparable sales by 3% in the three months to March, the retailer told the Macquarie Australia Conference.

The group also plans to spend about $27.2m to buy back up to 1.4 million shares on market, it said in a separate announcement.

JB Hi-Fi said it expects net profit after tax in fiscal 2014 to be between $126 million and $129m, an increase of 8.3% to 10.8% on the previous year.

Total sales are set to lift between 6% and 8% in fiscal 2014, the retailer said.

By the end of the full year, the company expects to have increase total stores to 182 across Australia and New Zealand.

The retailer plans to buy back approximately 1.4% of the shares on issue to offset the dilutionary effect of shares issued this financial year as employees exercised their options.

JB Hi-Fi said it will consider further capital management initiatives.