JB Hi-Fi Limited today reported record sales of $3.13 billion for the year ended 30 June 2012 and full year net profit after tax (NPAT) of $104.6m, in line with previous guidance.
The news has been welcomed by the Australian share market which has pushed the JB Hi-Fi share price up 62 points to $9.83 per share. JB Hi-Fi share price has been suffering from the lack of consumer confidence and online competition.
In 2009 JB Hi-Fi share price soared to $ 23.33 before the financial crisis. Since then, the share prices has been in a down trend and oversold.
The directors have declared a fully franked total dividend of 65.0 cents per share for the financial year 2012. The company also expects that sales in FY13 will increase by 5.5%. Recent sales for the month of July are in order with expectations.
The daily and weekly chart for JB Hi-Fi are showing signs that the worse is over, and that perhaps the share price might recover some ground or even return to the $12-15 mark within a year or two.