ASX-listed retailer, JB Hi-Fi (ASX:JBH), has announced a net profit after tax (NPAT) of $116.4 million for its end-of-year financial results, which ended June 30.
In a statement released on the ASX, it stated that the earnings were an increase of 11.2 per cent, from $104.6 million last year.
JB Hi-Fi CEO, Terry Smart, said the company saw positive sales momentum maintained throughout the second half of the financial year.
“Improved gross margins, ongoing cost control and our emphasis on high levels of customer service, all contributed to a solid overall result,” he said.
In Australia, it was reported that its hardware sales was up nine per cent, but in the visual category and software sales, saw declines of 11.9 and 2.6 per cent respectively.
In New Zealand, its overall sales declined by 5.7 per cent to $NZ209.4 million, which Smart claimed was impacted by an overall softer consumer electronics retail market.
Smart attributed company growth to its online sales, which were up 29.8 per cent, representing about 2.0 per cent of its total sales, as compared to 1.6 per cent last financial year. He said an average of 1.15 million unique visitors used the website.
“The company’s websites, combined with its bricks and motar locations, give customers a choice on how they wish to shop with JB Hi-Fi.
“A new JB Hi-Fi website will be launched in the first half of FY14, which will enhance the customer experience via improved search functionality and richer product information,” it said, in the ASX statement.
Smart claimed he expects growth opportunities ahead, of between six and eight per cent, for its 2014 financial year, led by a strong line-up of new products planned for the first half of year.
The company expects to open 12 new JB Hi-Fi stores in the 2014 financial year and maintains its stated target of 2114 JB Hi-Fi stores in A/NZ.
“We expect to see growth from our new store roll out program and the expansion of the home appliance categories. We continue to evolve and innovate our model, ensuring we not only remain relevant to our existing customers but gain new sales opportunities for now and into the future,” Smart added.
The company also declared a final dividend for the financial year of $0.22 per share fully franked, up from $0.16 the same time last year. The final dividend will be paid on September 6.