JB HI-FI has harnessed high growth in electronics and home entertainment to post a record half-year profit as shoppers put aside rising interest rates and an increase in the cost of living.
While other retailers have reined in their sales and earnings forecasts against a backdrop of sagging consumer confidence - with Myer yesterday issuing a profit downgrade and Noni B, Billabong and The Reject Shop doing likewise before Christmas - JB Hi-Fi has maintained its guidance for the full year.
Chief executive Terry Smart said the group expected sales this financial year to hit $3 billion and net profit to be $134-139 million, an increase of 13-17 per cent on the earnings reported for 2009-10.
While other retailers have reined in their sales and earnings forecasts against a backdrop of sagging consumer confidence - with Myer yesterday issuing a profit downgrade and Noni B, Billabong and The Reject Shop doing likewise before Christmas - JB Hi-Fi has maintained its guidance for the full year.
Chief executive Terry Smart said the group expected sales this financial year to hit $3 billion and net profit to be $134-139 million, an increase of 13-17 per cent on the earnings reported for 2009-10.
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