JB Hi-Fi Sales Jump 10%, Upgrades Profit
Could the year of the snake be Aussie retailers comeback year?
The electronics retailer updated its sales and profit guidance for FY13 today, and expects full year 2013 sales to be circa $3.3 billion – up from forecasted $3.25bn.
Company shares surged 7.87% to $16.7 today after the announcement.
This updated guidance has been “driven by stronger than expected sales in the second half of FY13” JB said today.
Sales were up 10.3% in Australia and New Zealand for the first four months of 2013, while comparable sales rose 3%.
Earlier this year, JB confirmed January sales were up 12%. The yellow retailer, who recently started selling e-books, opened 13 new stores in FY13 in Australia, has just opened a new shop in Sydney’s Moore Park.
JB Hi-Fi net profit for full year 2013 is now expected to be $112 -$116 million, a 7%-11% increase on FY12.
This latest profit guidance marks a jump from the forecast given in February of $108-$112 million.
“Gross margin has remained relatively stable in the four months ended 30 April 2013 and continues to track ahead of the prior comparative period,” it confirmed.
Sales growth for the 10 months to 30 April 2013 was 4.9%. while comparable store sales fell 1.3%, but was up from -3.5% at the half year.
By the end of June, will have 177 stores (Australia: 164, NZ: 13).
JB Hi-Fi CEO Terry Smart will today be presenting at the Macquarie Australia Conference.