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First operating profit in five years

August 13, 2012 - 5:45pm

JB Hi-Fi's New Zealand stores have reported their first operating profit in five years, as local sales climbed 18%.

The Australian-based electronic goods retailer's 13 Kiwi stores have reported pre-tax earnings of $3.6 million in the year to June the 30th.

That compares to a loss of $1.6 million a year earlier.

The company said increased volumes and improved terms with suppliers were behind the increases.