Consumer electronic retailer has blitzed the market by reporting that first-half profit rose 60 percent on sales of games, computers and DVDs. They are valso the the best performing retailer in Australia’s benchmark index the past year.
Consumer electronic retailer has blitzed the market by reporting that first-half profit rose 60 percent on sales of games, computers and DVDs. They are valso the the best performing retailer in Australia’s benchmark index the past year.<\/P>
The Company that last month aquired the Digital Home web site from 4Square Media publishers of the SmartHouse web site and magazine reported that income rose to $41.9 million or 39 cents a share, in the six months ended Dec. 31 from $26.8 million, or 25 cents, a year earlier, Melbourne-based JB Hi-Fi said in a statement. Earnings were expected to rise to $40 million, according to the median estimate of five analysts Bloomberg News surveyed by telephone and e-mail. <\/P>
Adding computers and iPods has helped bolster growth at JB Hi-Fi as Chief Executive Officer Richard Uechtritz seeks to limit the company’s dependence on DVD and music CD sales. He expanded into New Zealand last year with the 11-store Hill & Stewart chain. <\/P>
“Our unique and technology focused retail model continues to perform strongly.,” Uechtritz said in the statement. JB Hi-Fi said annual profit will rise as much as 49 percent to between A$57 million and A$60 million. <\/P>
First-half sales rose 50 percent to A$989 million, with annual revenue forecast to rise 40 percent to A$1.8 billion. JB Hi-Fi shares fell 74 cents, or 5.9 percent, to A$11.90 at 10:11 a.m. in Sydney. The stock has risen seven-fold since being sold to the public in October 2003 at A$1.80 a share. It has been Australia’s best performing retail stock since joining the benchmark S&P\/ASX 200 Index in 2004. <\/P>
The company opened 15 new stores during the half, increasing its network to 104, with 5 more outlets planned before the end of June. <\/P>
JB Hi-Fi is Australia’s third-largest computer retailer behind Harvey Norman Holdings Ltd. and the Dick Smith unit of Woolworths Ltd., Australia’s biggest retailer<\/P><\/p>\n","protected":false},"excerpt":{"rendered":"
Consumer electronic retailer has blitzed the market by reporting that first-half profit rose 60 percent on sales of games, computers and DVDs. They are valso the the best performing retailer in Australia’s benchmark index the past year.<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,20,30],"tags":[],"class_list":["post-82574","post","type-post","status-publish","format-gallery","hentry","category-archive","category-sales-marketing","category-sales-and-marketing","post_format-gallery"],"yoast_head":"\n