JB Hi-Fi registers strong growth in sales, profit

Electronics retailer JB Hi-Fi says heightened customer demand drove strong sales growth during the second half, with its core JB Hi-Fi Australian business sales up by 10.9 per cent in the last quarter.

In preliminary unaudited financial results released today, the company estimates group-wide sales for the full year were up 3.5 per cent to $9.2 billion. Post-tax profit is estimated at $544.9 million, up 7.7 per cent on year.

Group CEO Terry Smart credits the business’ strong multichannel strategy to its success, with online sales contributing $1.6 billion, up by 52.8 per cent.

“It is especially evident in the second half as Covid restrictions eased and customers returned to shopping in-stores, whilst continuing to shop with us online.”

Broken down by operating division, JB Hi-Fi Australia recorded sales of $6.197 million for the full year, up by 3.4 per cent on a comparable basis, with JB Hi-Fi New Zealand sales of $262 million more or less static. The Good Guys sales of $2.789 million represented a comparable increase of 2.2 per cent.

However, the preliminary figures for earnings before interest and tax tell a different story: In New Zealand, JB Hi-Fi’s EBIT rose 51.7 per cent to $8.8 million, The Good Guys by 12.5 per cent to $241 million and JB Hi-Fi Australia by 4.2 per cent to $545 million. Combined EBIT was $795 million, up 6.9 per cent.

Final, full-year audited results will be announced on August 15.

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