JB Hi-Fi revises FY2013 guidance

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JB Hi-Fi revises FY2013 guidance
JB Hi-Fi chief Terry Smart


Retailer JB Hi-Fi has revised its guidance to the market on the back of stronger than expected sales growth in the second half of FY13.

The company now expects sales for the current financial year to top $3.3 billion, up from the earlier guidance figure of $3.25 billion. Net profit after tax (NPAT) is expected to be within the range of $112 million to $116 million. The company previously expected NPAT to fall within the range of $108 million to $112 million.

The increased NPAT guidance represents an increase of between 7 percent and 11 percent over the previous year.

Sales growth in Australia and New Zealand in the 10 months to April 30 was 4.9 percent, while gross margins remain stable.

CRN sought comment from JB about the strength of online sales versus bricks and mortar, however chief executive Terry Smart was unavailable.

Earlier this year JB Hi-Fi signalled its move into the systems integration business by taking a 51 percent stake in Melbourne reseller Network Neighborhood for an undisclosed amount. The company has the option to purchase the remaining stake in 2014.

At the time of the deal, JB chief financial officer Richard Murray commented that the company’s commercial clients were asking for integrated end-to-end solutions.

“The combination of JB’s buying power and NN’s leading service offering will enable the group to provide our clients with complete networking and IT solutions,” Murray said in a statement.

Network Neighborhood came in at No.15 CRN’s 2012 Fast 50, growing its revenues 52 percent to $26 million.

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