JB Hi-Fi profit expectations soar

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JB Hi-Fi profit expectations soar

JB Hi-Fi expects its profit for the year ending 30 June 2009 to be approximately $92 million net profit after tax , a 41 percent increase on the prior year of $65.1 million.

Sales are forecast to be around $2.3 billion or a 26 percent increase on the prior year.

Based on the expected results the company has also upgraded its expansion plans from opening a further 150 stores to now expecting to open 160 around the country.

"While the current overall retail climate is poor, this excellent result shows that we have many positives working in our favour that should continue to more than offset the effects of the weaker economy," said CEO Richard Uechtritz.

The company expects to open 50 stores in smaller catchment areas which will primarily be in smaller mall and strip metropolitan shopping centres and country towns across Australia and New Zealand.

"We continue to grow our market share as recently opened stores mature, new stores open, we expand our offering, reduce our prices on the back of increased economies of scale and our continuing focus on costs.

"Based on our experience of opening about 15 new stores per year, our target of 210 stores from the 105 stores we have now means the company has many years of good sales and earnings growth to look forward to," added Uechtritz. 

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