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JB Hi-Fi net profit rises 6.3pc, announces USD11.1m share buyback

JB Hi-Fi expects sales growth to accelerate in 2016 as the consumer electronics retailer capitalises on the small business stimulus package and buoyant housing market by adding small appliances to existing stores.

Treasurer Joe Hockey’s small business stimulus package helped retailer JB Hi-Fi rack up its strongest like-for-like sales growth in four years, driven by businesses buying computers, printers and mobile phones to take advantage of investment write-offs before the end of the financial year.

In one of the first tangible signs that the write-off – the centrepiece of this year’s budget – had an impact on the economy, JB Hi-Fi’s like-for-like sales growth jumped about 8 percent in the June quarter after a weak first-half, which was weighed down by weak consumer sentiment following Mr Hockey’s poorly received first budget.

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