JB's Done It Again!

Here's another big Aussie retailer that's obviously not too concerned with the financial downturn.
JB Hi-Fi has announce a 41% increase in first half profits. Here's some of the Article from Brisbane's Courier Mail:

RETAILER JB Hi-Fi has surprised the market by revealing a better than expected rise in first-half profit despite the economic gloom.

Chief executive Richard Uechritz was almost crowing as the electronic retailer posted a 41 per cent rise in first-half profit, up from $41.9 million to $59 million.

The Federal Government's $10 billion December stimulus plan and new store openings helped revenue rise 28 per cent to $1.2 billion.

The coming $42 billion package passed by the Senate on Friday is also expected to continue to tickle JB Hi-Fi's bottom line.

The surprise result prompted analysts to rethink their valuations on the stock, which closed on Friday at $10.90 - up $1.90 during the week.

Analysts at ABN Amro Morgans said while conditions for discretionary retailers in general remained challenging, the stimulus package was likely to give funds to JB Hi-Fi's core demographic of cashed-up younger people.

Read the rest of the article here