Economy

JB Hi-Fi's first-half profit surges 21 per cent to $151.7 million

JB Hi-Fi's first-half profit surges 21 per cent to $151.7 million”

Its results were boosted by a healthy Christmas sales period, and its takeover of electronics rival The Good Guys.

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

Group CEO, Richard Murray says, "We are pleased to have delivered record sales and earnings in the first half".

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.

"One JB Hi-Fi store was closed and we have exited whitegoods and rebranded the four stores to JB Hi-Fi" from JB Hi-Fi Home.

The chain, which has successfully moved into whiteware in Australia, has also told the ASX that while it enjoyed a bumper first half, its New Zealand operations were treading water.

The Good Guys saw total sales revenues of $1.10 billion, which is a rise of 318%, although this huge growth was a result of the company only consolidating one month's sales for HY17 (as JB Hi-Fi acquired TGG in November 2016).

The company's 15 New Zealand stores are a small part to the Australian group's 311 JB Hi-Fi and Good Guys retail outlets.

The company expects its full-year profit to grow 13-16 percent despite sales rising 22 percent.

JB Hi-Fi declared an interim dividend of 86 Australian cents per share, up from 72 Australian cents previous year.

A short time ago, the shares were down 7.6% to $25.95.



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