Australia's JB Hi-Fi posts 1st annual profit growth in 3 years
SYDNEY Aug 12 (Reuters) - Australian electronics retailer JB Hi-Fi Ltd posted a better-than-expected 11 percent rise in its 2013 full-year profit on Monday, its first annual profit growth since 2010.
The company also said it would open 12 new stores in the 2014 financial year and expected total sales in 2014 to increase by between 6 percent and 8 percent on the current year.
Net profit after tax for the year ending June 30 rose to A$116.3 million ($107.02 million), compared with A$104.6 million a year ago. The result beat analysts' forecasts of A$115.4 million, according to Thomson Reuters I/B/E/S data.
That was also slightly higher than the range of A$112.0 million to A$116.0 million in the company's own profit guidance that was upgraded in May.
JB Hi-Fi's annual profit had slipped for two consecutive years since 2010, with Australian consumers shifting from retail stores to the internet for cheaper goods.
But Chief Executive Terry Smart said positive sales momentum had been maintained in the second half of the 2013 financial year. Online sales, which represented about 2 percent of total sales, were up 29.8 percent.
The company's shares closed at A$18.52 on Friday after hitting a two-year high of A$18.93 in July.
($1 = 1.0867 Australian dollars) (Reporting By Maggie Lu Yueyang; Editing by Paul Tait)
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