Electronics retailer JB Hi-Fi announced on Monday that it has achieved a 26 percent jump on its full year profit as the company predicted that overall sales for the rest of the year would slow a bit and steady at 17 percent to close down the current year.

The consumer electronics vendor said that net profit for 2009/10 reached $118.7 million, improving from the $94.438 million posted in the previous corresponding year, with final distribution of 33 cents, fully franked, and en route to a full year dividend of 66 cents, also fully franked.

JB Hi-Fi said that it is expecting a much better growth figures in FY11 with projected revenues of up to $3.2 billion, which is an increase of 17 percent from the previous financial year.

The company reported that consistent movements by computers, telecommunications, accessories and audio-visual goods pushed up its sales earnings as chief executive Terry Smart declared that the results were encouraging since the retailer "were cycling against strong prior year growth driven by the government stimulus packages and low interest rates."

Mr Smart said that the solid result, which came out amidst economic difficulties, pointed to "the strength of our team in not only maintaining, but improving the company's best in class performance metrics."

JB Hi-Fi said that even as the economy is on its way to recovery, the company was able to unveil 23 new branches and some additional 18 stores would be unveiled throughout New Zealand and Australia on its continuing expansion plans.

The company also revealed that initial sales figures in the first month of 2011 fiscal year were a bit down but compared to the previous month's trading, a positive trend could still be seen.

It said that in terms of growth sales, the road ahead for FY11 would be expectedly difficult as consumers opted to hold back on their spending habits though the company is upbeat that its proven retail model would be a big boost "in taking advantage of the expected increase in consumer spending in the lead up to the critical Christmas trading period."

JB Hi-Fi said that its revenues from ordinary activities peaked by 17.4 percent leading to $2.731 billion while the company's gross profit jumped by 18 percent to $594.174 million, with resulting earnings per share of 109.74 cents, gaining by 24.3 percent from the previous results.