JB Hi-Fi shares are soaring on a share buyback and good full year profits

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JB Hi-Fi beat expectations to post a 6.4% rise in full year net profit to to $136.5 million. Analysts had been expecting $130 million.

The retailer also announced a buy back of 776,610 ordinary shares representing 0.8% of the shares on issue. Its last traded at $19.61.

Sales were up 4.8% to $3.65 billion.

CEO Richard Murray said: “Trading in June was particularly strong as we cycled a soft trading period in the prior year and enjoyed the benefits of solid sales growth assisted by the small business tax incentives.”

Key growth categories included computers, telecommunications and home appliances.

JB Hi-Fi expects total sales to be about $3.85 billion in the 2016 financial year.

Its shares were up more than 9% in early trade to $21.48.

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