Australian home entertainment, music and electronics retailer JB Hi-Fi has beaten the odds to post a 27% rise in full-year sales, and is predicting more of the same next year.

The group's inventory of games, computers, DVDs and telecommunications products all sold well and its music lines proved "very resilient," the Melbourne-based retailer said today (Aug. 11) as it reported gross revenue of $2.33 billion Australian ($1.94 billion) for the year ending June 30.

In a sour economic climate, JB saw its annual net profit after tax rise 45% to $94.4 million Australian ($79 million), a result which managed even to outpace its glowing profit guidance in June. Comparable sales growth for the 12-month period was 11.5%.

The chain, whose black and yellow tagline "Smashing Prices" is a familiar sight in shopping malls up and down the country, claims a CD album market leadership of about 40%. Its financial figures, however, didn't break out the effect of music on its bottom line.

CEO Richard Uechtritz described the group's performance as "very pleasing" in "what is considered a sustained, generally weak retail climate."

He adds, "Again it highlights the strength and resilience of the JB retail model during an uncertain retail environment. Home entertainment continues to become more of a staple category as consumers embrace technology."

As previously reported, JB is in the midst of an aggressive expansion push, which should see the company enhance its portfolio from 106 JB-branded outlets to 210 stores in the coming years (Billboard, July 25). The group has added 50 stores in the past three years, including 16 during the most recent reporting period. Another 18 should roll out in the 2010 reporting period.

The publicly-listed company expects the good times to keep on rolling. Sales for July and August have met internal expectations, and the company is anticipating full-year 2010 sales to again grow by 20%, to $2.8 billion ($2.34 billion).