jb hifi, good stock, page-13

profit up 65% - upgrades coming tonight Looking at the result today for JB Hi Fi and consensus earnings I think we will see the market upgrade the full year outlook by 15% for FY05 and 18% for FY06.

Plus a fully franked 3.6 cps dividend

Stock is up 5.88% so I would expect to see the stock rally a further 10-15% over the next couple of weeks.

JB Hi-Fi reports 60% increase in half year
sales and a 65% increase in NPAT.
JB Hi-Fi Limited today reported a record half year net profit of $15.4m (up 65%) from $376m of sales (up 60%)
for the six months ended December 2004.
Comparable store growth for the six months was a strong 10.3 % and operating expenditure as a percentage
of sales was 15.6% (better than PCP by 0.9%).
EBIT was $25.4m (up 75%). The resulting EBIT margin was 6.8% (up 0.6%).
The Board has declared a fully franked dividend of 3.6 cents per share to be paid on 14 April 2005. The
record date for determining a shareholders dividend entitlement is the 31 March 2004.
Sales in January & February to date have met expectations and the company is on track to achieve sales in
excess of $700 million for the full year.
The company opened 7 new (JB) stores in the six months which are trading strongly and expects to open a
further 2 - 3 stores in the second half.
Sales were strong in most categories with slim line TV’s, DVD software, digital cameras, music and portable
audio showing strong growth.
Clive Anthonys business had a good first half, trading in line with expectations. A new Clive Anthonys store
will open in Brisbane late in the second half.
“Our Clive Anthonys business has proven an astute purchase both in terms of its performance, extra buying
power and as a growth opportunity” said Richard Uechtritz, CEO.
“Overall we are very happy with our performance in the first half in a highly competitive market and sit here
today very confident of strong growth into the future” said Richard Uechtritz. “There seems to be no reason
why we can’t achieve the consumer acceptance and market leadership we have in Melbourne in all
categories throughout the country over the next few years”.