JB Hi-Fi has said that it has recorded a net profit of $82 million for the period of six months till December, 2012.

The company had recorded a net profit of $79.6 million during the same period of the previous year. The company is expecting a net profit of between $108 million and $112 million for the entire year compared to an earlier estimate of $104.6 million.

The total sales of the company increased 2.3 per cent as the company opened 11 new stores during a six month period. The company is planning to open four stores during the second half of the financial year till March, 2013. The company pointed out that its sales fell 3.5 per cent on comparable basis in the first half.

Chief executive Officer of JB Hi-Fi, Terry Smart said that the fall in television sales was the main reason for the fall in comparable sales. He said that the prices of flat screen televisions have fallen and the customers have already purchased several sets for their homes. He said that the customer only buys TV sets when there is a need to replace or upgrade TV sets.

"The main driver of that decline is that we're hitting saturation point in numbers. What you've seen with televisions is that we've seen prices stabilise and now we're seeing bigger screens come into play and people are somewhat trading up into the bigger screens and as a result we're seeing a higher price come through," he said.