JB Hi-Fi: Interim result 2013

JB Hi-Fi's share price has soared following a 3% rise in profit. So are our fears about the sector unfounded? Jason Prowd argues they're not.

JB Hi-Fi’s share priced has soared over 15% since it announced a 3.1% rise in sales to $1.8bn for the half-year ended 31 December. Net profit also rose 3.0% to $82.1m. This is at a time when, according to the Australian Bureau of Statistics, electronic retail sales have declined; JB Hi-Fi is the clearly winning market share.

Chief executive Terry Smart also flagged a return to a more rational pricing environment – which bodes well for the rest of the year. The board declared an interim dividend of 50 cents per share (fully franked, ex date 15 February).

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