Electronics retailer JB Hi-Fi's full year profit has fallen 5 per cent but the company expects sales to grow in the year ahead.
JB Hi-Fi on Monday posted a net profit of $104.6 million for the year to June 30, down from $109.7 million in the previous corresponding period.
Sales in the year of $3.13 billion were up seven per cent on the previous year, due to store growth.
But 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.
"Our market share continues to grow with new stores performing well and online sales growing strongly," he said in a statement.
"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."We are very well-positioned for any rebound in consumer spending."
The new magazine for a new generation of West Australians.Click here to download »
All the latest market figures from Australia and the world.Click here »
'The West Australian' is a trademark of West Australian Newspapers Limited 2013.
All rights reserved.
Select your state to see news for your area.