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JB Hi-Fi - Source: ONE News -
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Retailer JB Hi-Fi has reported a 29% increase in net profit for the first half of 2009/10 and announced chief executive Richard Uechtritz will step down in July/August this year.
JB Hi-Fi booked net profit of $A76 million for the six months to December 31, 2009, up from $A59 million in the prior corresponding period.
Sales were up 23% to $A1.554 billion, from $A1.262 billion.
"Comparable store sales growth for the period was 9.9%," the company said in a statement lodged with the Australian Securities Exchange on Monday.
Comparable store sales growth was 10.2% in Australia and 5.8% in New Zealand.
Uechtritz said he was "extremely pleased" with the strong result, particularly the 6.5% comparable store sales growth in December.
"JB has proven to be very resilient throughout the economic downturn which led to low consumer confidence and spend," he said in a statement,
JB Hi-Fi chairman Patrick Elliott said Uechtritz will step down in around July/August after 10 years at JB Hi-Fi.
He will be replaced by current chief operating officer Terry Smart.
JB Hi-Fi reaffirmed previous guidance of a 20% increase in annual sales to $2.8 billion.
It also confirmed that full-year net profit after tax was expected to be $117 million to $120 million in fiscal 2010, up 24% to 27% from fiscal 2009.
The company opened 15 new stores during the first half of fiscal 2010, and has plans to open seven more in the second half.
The 22 new stores in 2009/10 would be the most in any financial year since the company began operations.
There are currently 134 JB Hi-Fi stores, with 124 in Australia and 10 in New Zealand. Of those, 122 are JB Hi-Fi branded stores.
"We continue to grow our market share as recently opened stores mature, we open new stores, expand our offering and reduce our prices on the back of increased economies of scale and a continued focus on costs," Uechtritz said.
The company lifted its dividend to a fully franked 33 cents per
share, up from 15 cents in the prior corresponding period. It will
be paid on March 5.
