JB Hi-Fi's NZ stores post first operating profit as local unit boosts sales by 18 percent

Mon, 13 Aug 2012

By Paul McBeth Aug. 13 (BusinessDesk) - Discount electronic goods retailer JB Hi-Fi's New Zealand stores reported the first operating profit in five years as local sales climbed 18%, more than for the entire Australian group. The Victoria-based company's 13 New Zealand stores reported pretax earnings of $3.6 million in the 12 months ended June 30, compared to a loss of $1.6 million a year earlier, while sales climbed to $222.2 million from $188.7 million. The group's net profit fell 4.6 percent to A$104.6 million, or $1.059 per share, while...

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