JB Hi-Fi expects flat year as first-half profit dips

Shares in JB Hi-Fi have risen more than 3 percent after the Australian consumer electronics retailer reported a 1.9 percent fall in first-half net profit to AUD88.5 million (USD68.8m) and confirmed flat earnings for the full year.

Chief executive Richard Murray reaffirmed guidance for full-year sales of AUD3.6 billion after the retailer posted stronger sales growth in the December quarter and a surge in sales in January.

Murray said net profit for the 12 months ending June was expected to come in between AUD127 million and AUD131 million, compared with AUD128 million in financial 2014.