JB Hi-Fi (ASX: JBH) has witnessed stronger than expected sales in the second half of the 2013 financial year which has prompted an increase in its forecast net profit after tax to between $112 million and $116 million.
This increase in NPAT will be a 7% to 11% jump on NPAT reported in the 2012 financial year, driven by higher expected sales of $3.3 billion in fiscal 2013.
Previous NPAT guidance was $108 million to $112 million on expected sales of $3.25 billion.
Sales growth in Australia and New Zealand for the four months ended 30 April 2013 was 10.3% and comparable store sales growth was 3%.
Sales growth in Australia and New Zealand for the 10 months to the end of April was 4.9% and comparable store sales growth was -1.3%, up from -3.5% at the half year.
Gross margin has remained relatively stable in the four months to the end of April and continues to track ahead of the prior comparative period.
JB Hi Fi has opened 13 new stores so far in the 2013 financial year, all in Australia.
At the end of the current financial year, the company will have 177 stores – 164 in Australia and 13 in New Zealand, of which 176 will be JB Hi-Fi stores.
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