Monday, August 13, 2012

JB Hifi ups and downs

JB Hifi are reporting their NZ stores have turned a profit for the first time in their 5 years here.

NZ Herald reports their " local sales climbed 18 per cent, more than for the entire Australian group. The Victoria-based company's 13 New Zealand stores reported pretax earnings of $3.6 million in the 12 months ended June 30, compared to a loss of $1.6 million a year earlier, while sales climbed to $222.2 million from $188.7 million.

The group's net profit fell 4.6 per cent to A$104.6 million, or $1.059 per share, while sales rose 5.7 per cent to A$3.13 billion."

From The Australian: JB Hi-Fi shares rise despite profit fall
"Shares in electronics retailer JB Hi-Fi are up by almost five per cent after it posted a small drop in profit and like-for-like sales in the year to the end of June.

From the Sydney Morning Herald...
MC chief market strategist Michael McCarthy said JB Hi Fi stock will likely rise today, after profits met earlier guidance. “The big issue here is that electrical goods have been commodified. “They can be sold from anywhere and bought online – that is the big structural issue they’re facing,” he said.

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