JB HI-FI surges ahead with sales up 5.3%

Scott Barbour/Getty Images

JB HI-FI is continuing its run of good sales growth.

CEO Richard Murray told the retailer’s annual general meeting that sales for the first quarter were in line with expectations with total sales up 5.3% and comparable sales 3.7% higher.

“We expect the market to remain competitive as retailers drive for market share in the lead up to Christmas,” he says.

The company is maintaining its guidance of full year sales of about $3.85 billion. Net profit was up 6.4% to $136.5 million.

Sales for the 2015 year were $3.65 billion, a 4.8% rise.

Retailers have been reporting mixed success, with Dick Smith and Woolworths reporting weak sales.

JB HI-FI’s shares were up 0.8% to $18.65.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.