Consumer electronics company JB Hi-Fi (ASX:JBH) saw its shares increase by as much as 2.9% to A$48.6, the highest since February 2.

The company reported a full-year net profit after tax of A$524.6 million, down 3.7% from the previous year but surpassing the market consensus of A$507 million set by UBS.

JB Hi-Fi also posted record annual sales of A$9.63 billion, a 4.3% increase from the prior corresponding period despite a challenging retail environment.

It also declared a lower dividend of 115 Australian cents per share.

July sales were in line with the group’s expectations, which marked a continuation of elevated sales.

If these gains hold, the company’s shares are set to have their best day since July 27.

The stock had already risen around 12.5% this year before the close.

JB Hi-Fi is a leading retailer of consumer electronics and home appliances based in Australia.