JB Hi Fi today announced it will undertake a further on market share buy back of up to 645,765 ordinary shares or around 0.65 per cent of the shares on issue at a cash cost of around $12.5m. In June, the company completed an on market buy back of 1.4 million ordinary shares at a cost of $25.8m.
JB Hi Fi will pay a fully franked final dividend of 29c on September 5 to shareholders on the register at August 22. Combined with the interim dividend of 55c, JB Hi Fi total dividend for the year comes to a fully franked 84c. This compares to a total dividend of 72c in fiscal 2013, with the retailer saying it increased its dividend payout ratio to 65 per cent.
Comparable sales fell 5.5 percent in July due to a slide in Kyrie Irving Nike Hyperrev All Star Pe sales of tablet computers. The retailer forecast total full year sales of Nike Kyrie Inferno
3.6 billion for the full fiscal 2015 year, foretelling slower growth than the 5.3 per cent recorded in 2014 to $3.484bn. Online sales grew 13.9 per cent to represent around 2.2 per cent of total sales.
Fi shares sold as sales drop in July
The retailer continues to play for the $4.6 billion home appliances market, saying its JB Hi Fi HOME brand represents "a significant growth opportunity."It aims to have 75 HOME stores open by the end of fiscal 2016, up from 22 at end June.
Net profit was $128.36 million in the year to June 30, a 10.29 per cent increase on a year earlier. That result was in line with the electronic retailer guidance and exceeded Nike Lebron Xii Mens Basketball Shoes
"We anticipate sales in the first half of fiscal 2015 will continue to be impacted by reduced tablet sales," said JB Hi Fi new chief executive Richard Murray, who replaced former CEO Terry Smart on June 30.
Troubling signs in JB Hi Fi July trading have overshadowed a strong lift in the electronics retailer full year profit.
the consensus forecast from analysts surveyed by Bloomberg of $127.7m.
fled from the electronics retailer. At 4.15pm (AEST), JB Hi Fi shares were 7.9 per cent lower at $17.84, against a benchmark index lift of 0.4 per cent. JB Hi Fi shares earlier fell as low as $17.60, their biggest drop in two and a half years.
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