Electronics retailer JB Hi-Fi has reported an 11.2 per cent increase to its annual profit.

The company has told the share market that sales at its 176 stores in Australia and New Zealand increased by 5.8 per cent last financial year, pushing total profit to $116.4 million.

It will pay a dividend of 22 cents per share.

JB Hi-Fi chief executive Terry Smart says the company hopes to see a similar level of sales growth this financial year.

"We see good growth opportunities ahead with a strong line up of new products planned for the first half of FY14, growth from our new store roll out program and expansion of the home appliance categories," he said in a statement.

JB Hi-Fi plans to open 12 new stores over the next year.