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Record high for JB Hi-Fi

Record high for JB Hi-Fi

Discount retailer, JB HiFi’s (ASX:JBH) share price soared today following yesterday’s upbeat address to shareholders.

Net sales were up 27% to $2.33B and the guidance for fiscal 2010 was that they would be in the vicinity of $2.8B.

The strong rise in revenues saw NPAT up 45% to $94.4M. The increase in profitability came from increased economies of scale as the number of stores increases, driving more business from existing stores as well as technology and training.

JB Hi-Fi closed 5.5% up at a record high of $20.48 after reaching as high as $20.99 during the day’s session.

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