JB Hi-Fi posts record sales as trading conditions ‘normalise’

Strong consumer demand has boosted “record sales” for electronics retailer JB Hi-Fi according to preliminary unaudited first-half results.

In an ASX announcement, the business reported group-wide sales were up 8.6 per cent to $5.3 billion supported by elevated demand for electronics and home appliances and “well-executed” Black Friday and Boxing Day promotional periods.

Tax-paid profit for the December half is recorded at $329.9 million, up 14.6 per cent with EBIT of $479.2 million, up 14 per cent. Online sales were $752.1 million, representing 14.2 per cent of group sales.

In Australia, sales grew 9.1 per cent to $3.6 billion while its New Zealand operations registered $160.6 million, up 16.1 per cent. The Good Guys subsidiary achieved $1.5 billion in sales, up 7.3 per cent.

Group CEO, Terry Smart, attributed the record sales and earnings in this half to the “normalised” trading conditions following two years of Covid-related disruptions.

“As always, a key part of our continued success is our over 13,000 team members and their passion and dedication to looking after our customers’ needs. I would again like to thank them for delivering this outstanding result.”

The group will release its audited half-year results on February 13.