JB Hi-Fi makes record profit

JB Hi-Fi has reported a record half-year net profit

JB Hi-Fi (ASX:JBH) has reported a record half-year net profit, as it continues to expand its retail presence.

In a release to the ASX, the consumer electronics retailer reported a sales increase of 28 per cent and a half-year net profit of $59 million.

While Strathfield Electronics recently went into voluntary administration, and Harvey Norman closed its OFIS outlets, JB Hi-Fi CEO, Richard Uechtritz, was upbeat and said the retailer was focusing on getting the small things right.

“We’re aiming to buying the right products and setting the right price, getting the right people on board and having effective merchandising and advertising,” Uechtritz said.

“Home entertainment spending doesn’t seem to be down in the economic climate.”

Uechtritz said home entertainment computer systems, games and DVDs were the strongest sellers at present, and that he expected the trend to continue, with a substantial amount of cash handouts from Rudd’s stimulus package to end up in consumer electronics.

“The 18-29 youth demographic without mortgages and families missed out on the last December package, but they’ll receive handouts from this one,” he said.

JB Hi-Fi currently has 101 stores around Australia and New Zealand, according to the ASX release. The retailer plans on growing to 150 over the next four to five years, with new stores to be opened in densely populated areas, including the major capital cities.

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