JB Hi-Fi has reported record sales of $3.13 billion for 2012 financial year and a full year net profit after tax of $104.6 million, in line with previous guidance.

Sales growth for its JB Hi-Fi branded stores in Australia and New Zealand was 7 per cent while comparable stores just missed the mark and were -1 per cent, with an improved sales trend in the second half.

The company also reported total group sales, which include Clive Anthonys brand stores, grew 5.7 per cent.

JB-Hi Fi Terry Smart said the company’s focus on improving market share with new stores and its online sales has helped it achieve its 7 per cent growth considering the challenging environment.

“The strength of the JB Hi-Fi model continues to prove itself at the top and bottom of the retail cycle. The core of our success is a best in class cost base which has enabled us to manage abnormal levels of price deflation and competitor discounting whilst continuing to trade very profitably,” he said.

“Challenging trading conditions have driven competitors with higher cost bases out of the market, enabling JB Hi-Fi to continue growth both its store network and market share.

“We are very well positioned for any rebound in consumer spend.”

Its online sales have been strong with a 77.3 per cent increase. However, sales directly transacted through the site are still relatively low, making up only 1.6 per cent of total sales.

Smart acknowledges that while its digital strategy is about future earning streams, online is an opportunity for the brand to expand well beyond categories that’s offered in-store.

“We continue to believe the future of retail is an integrated customer offer where our unique and high energy retail format, combined with our innovative online and digital platforms, will ensure JB Hi-Fi’s customer proposition is one that our competitors are unable to match,” he said.

The company expects sales for 2013 financial year to be a circa of $3.3 billion, a 5.5 per cent increase on the prior year.