JB Hi-Fi first half sales up
Australia-based electronics retailer JB Hi-Fi has reported a 6.7% rise in sales at its branded stores in Australia and New Zealand for the six months (first half) ended 31 December 2011.
Overall sales, which include Clive Anthonys branded stores, grew 5.5% to A$1.77bn ($1.89bn) in the six months period. The group's net profit fell 9.4% to A$79.6m ($85.21m).
New Zealand sales surged 28% to NZ$124.9m ($103.57m), while earnings before interest and tax rose to a NZ$2.2m ($1.82m) profit from a loss of NZ$1.1m ($912230) in the same six months period last year.
During the period, the company opened 10 new JB Hi-Fi stores in Australia and plans to open a further 6 stores in second half of the fiscal year. The firm closed one JB Hi-Fi and one Clive Anthonys store.
As of 31 December 2011, the retailer had 165 stores (152 in Australia, 13 in New Zealand), of which 161 were JB Hi-Fi branded stores.
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