By Claire Reilly
JB Hi-Fi has issued an update on its sales and net profit guidance for the 2013 financial year, announcing that net profit after tax (NPAT) is expected to be 7 to 11 per cent higher than the figure for the previous year.
The company confirmed that sales for the financial year are expected to be circa $3.3 billion, with NPAT projected to be in the range of $112 million to $116 million. The company had previously issued financial guidance to the Australian Securities Exchange (ASX) indicating expected sales of $3.25 billion and NPAT in the range of $108 million to $112 million.
“This updated guidance has been driven by stronger than expected sales in the second half of FY13,” the company announced in the profit update issued to the ASX. “Sales growth in Australia and New Zealand for the four months ended 30 April 2013 was 10.3 per cent and comparable store sales growth was 3.0 per cent.
“Sales growth in Australia and New Zealand for the 10 months to 30 April 2013 was 4.9 per cent and comparable store sales growth was -1.3 per cent, up from -3.5 per cent at the half year.
“The company has opened 13 new JB Hi-Fi stores in FY13, all in Australia. As at 30 June 2013, the company will have 177 stores (Australia 164, NZ: 13) of which 176 will be JB Hi-Fi stores.”
This article first appeared on Current.com.au