JB Hi-Fi shares jump 14 per cent after strong result

By James Wells

MELBOURNE: JB Hi-Fi shares have jumped through the $10.00 mark after rising by 14% or $1.25 to $10.45 in early trade today.

Shares in the consumer electronics and appliance retailer were as low as $8.48 last week and dropped below $8.00 during the economic turmoil in the United States in November last year.

The retailer has raised its dividend declaring a fully franked dividend of 15.0 cents per share, an increase of 50 per cent on the 10.0 cents per share for the half year ending 31 December 2007.

According to the company, the increase in dividend reflects the company having grown to a net cash generation position following several years of net cash investment in its new store roll out. The dividend will be paid on 10 March and the record date for determining the entitlement is 19 February.

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