JB Hi-Fi delivers 5.5% sales growth

For half year FY19.

JB Hi-Fi has reported a 5.5% increase in net profit after tax (NPAT) from $3.8 billion sales for the half year ended 31 December 2018.

Group CEO Richard Murray confirmed record sales and earnings in the first half with total sales growth of 4.2% and group EBIT up 4.8% on the previous corresponding period.

For JB Hi-Fi Australia, the key growth categories were communications, games hardware, audio, fitness and connected technology. Online sales grew 21% to $144.4 million or 5.6% of total sales.

Photo Credit: Penny Stephens 

JB Hi-Fi New Zealand improved its performance with total sales up 5.8% and comparable sales up 12.6% for the half year. Online sales in New Zealand grew 65.4% or 6% of total sales.

“We continue to reposition the business which has included the closure of a loss making store in July and in October the appointment of a local managing director, Cherie Kerrison,” Murray said.

Total sales growth was 2.8% for The Good Guys with comparable sales up 1.5%. Growth was attributed to strong sales of French Door refrigeration, larger capacity washers and dryers, large screen TVs, Dyson and LG stick vacuum cleaners, Apple mobile devices and Microsoft computers.

The Solutions business recorded double digit sales growth and remains on track to deliver on the longer term sales target of approximately $500 million per annum.

“We are pleased to deliver positive sales and earnings growth in the first half of FY19, a significant improvement on our performance in the second half of FY18. In a competitive environment we remained focused on sales and market share whilst continuing to evolve the business. We enter the second half excited by the opportunity to continue growing one of Australia’s leading retail brands,” Murray said.

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