JB Hi-Fi sales jump 12%

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Electronics retailer JB Hi-Fi announced a 12% rise in September quarter sales.

The company told the AGM that comparable sales for the three months were up 8.3%, within expectations.

A short time ago, JB Hi-Fi shares were up 3.7% to $29.05.

JB Hi-Fi also reaffirmed its 2017 full year guidance for total sales at $4.25 billion.

CEO Richard Murray says the key success drivers continue to be having the biggest range and the lowest prices, supported by talented and enthusiastic staff.

The 2016 financial year was a record year for JB Hi-Fi with sales growing 8.3% to $3.95 billion.

Last month JB Hi-Fi announced a deal to acquire the Good Guys retail chain for $870 million.

The Good Guys’ 101 stores will take the total JB Hi-FI network to 295 stores across Australia and New Zealand.

The appliance-focused Good Guys had $2.09 billion in revenue in 2016.

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