JB HiFi Limited this morning reported a 43 per cent increase in sales, exceeding last years result by some 61 per cent, profits jumped 70%.

Bloomburg said that JB Hi-Fi Ltd., is now the best-performing retailer in Australia’s benchmark stock index this year and that the increased second-half profit 70 percent on sales of video-games and flat-panel televisions is record. 

The electronics retailer recorded a net profit of some $65.1 million from $1.829 billion in sales for the year ended on June 30, up from $1.282 billion at the same time last year and exceeding the company’s own expectations.

“We are extremely pleased with this very strong result having traded well during what is considered to be the weakest retail climate for many years”, said CEO Richard Uechtritz, adding that, “It shows the strength of our retail model”.

Uechtritz also noted that there were strong sales in games, movies, computers and AV products.

The group has 93 Australian and 12 New Zealand stores and is planning to open 24 new stores in 2009, which will be the largest number it has opened since formation.

“JB HiFi proved to be resilient with home entertainment become a staple category as consumers keep up with technology”, concluded Uechtritz.

More to follow.