Saturday, 19 October, 2019

JB Hi-Fi driving strong gains with surging Aussie growth, despite NZ decline

JB Hi-Fi driving strong gains with surging Aussie growth, despite NZ decline JB Hi-Fi driving strong gains with surging Aussie growth, despite NZ decline
Russell Knight | 12 February, 2018, 05:13

For FY2018, management expects total sales to be around $6.85 billion and group net profit after tax (NPAT) in the range of $235 million to $240 million, which would be an increase of between 13.1% to 15.5% on underlying NPAT in the previous corresponding period.

Overall profit of the company lifted 37.4% to $151.7 million after Christmas sales helped across its increased store network.

The company also posted net profit after tax (NPAT) figures of $151.7 million, which is up 21% compared to the same period a year ago (HY17 came in at $125.4 million).

Online sales for JB Hi-Fi rose 41 percent to A$119.3 million in the six-month period, a fraction of total sales which came in at A$2.48 billion.

On a brighter note, the company's online sales in New Zealand jumped 90 per cent to $4.8m and are now almost 4pc of total sales.

The home electronics and entertainment retailer says sales revenue for the 12 months to December 31 surged 41 per cent to $3.69 billion, reflecting the November 2016 acquisition of rival The Good Guys.

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"It was another strong result for the JB HI-FI business in Australia, particularly through the important November and December periods", said the JB HI-Fi chief executive Richard Murray.

The Good Guys business unit saw growth in categories including seasonal products, cooking, communications, visual and dishwashers.

"We continue to reposition the New Zealand business as part of our strategy to improve performance", the retailer said.

Not a great result for New Zealand, however, management will be putting most of its energies into the Australian business and integration of The Good Guys.

However, for the full year the rise profit won't be as large.

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