Shares in electronics retailer JB Hi-Fi are up by almost five per cent after it posted a small drop in profit and like-for-like sales in the year to the end of June.
JB Hi-Fi's net profit for the 2011/12 financial year of $104.6 million was in line with its previous forecasts, and down 4.6 per cent from $109.7 million in the previous year.
JB Hi-Fi shares were up 44 cents, or 4.8 per cent, at $9.66 at 1030 AEST.
The company's total sales in the year to June of $3.13 billion were up seven per cent on the previous year, as it added 11 stores to its network, to a total of 168.
Comparable sales in the year to June were down one per cent on the previous year.
Chief executive Terry Smart said total sales would continue to grow in the 2012/13 financial year to about $3.3 billion, but comparable sales were expected to again drop by one per cent.
"JB Hi-Fi branded stores' growth of 7.0 per cent was pleasing considering the challenging trading environment," Mr Smart said in a statement.
"Our market share continues to grow with new stores performing well and online sales growing strongly.
"Challenging trading conditions have driven competitors with higher cost bases out of the market, enabling JB Hi-Fi to continue to grow both its store network and market share."
The company expects to open 13 new stores in the 2012/13 financial year, while three small stores are set to close when their leases expire.
Online sales in the year to June 30 were up 77 per cent from the previous year but still only make up 1.6 per cent of JB Hi-Fi's total sales.
JB Hi-Fi declared a full franked final dividend of 16 cents per share, taking total dividends for the year to 65 cents, fully franked.
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