JB Hi-Fi moves forwards despite the downturn

ASX-listed retailer, JB Hi-Fi (ASX: JBH), continues to stand firm in the gale of economic horror tales, posting strong guidance figures for the full financial year.

The retailer expects its net profit for the year ending June 30 to hit $92 million – a 41 per cent increase on the previous year. This is above analyst expectations of $87.1 million, while sales are also forecast to be 26 per cent up on last year.

The retailer has also upped the number of similarly-sized stores it plans on opening to 160 (from 150) and is looking to open another 50 stores in smaller catchment areas.

The news comes on the back of some flat retail results for the month of April from the Australian Bureau of Statistics (ABS). In a statement to the ASX, JB Hi-Fi CEO, Richard Uechtritz, acknowledged the weak market, but remained positive.

“We continue to grow our market share as recently opened stores mature, new stores open, we expand our offering, reduce our prices on the back of increase economies of scale and our continuing focus on costs,” Uechtritz said in the release.

Earlier this year, JB Hi-Fi posted a record half-yearly profit of $59 million.

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