JB Hi-Fi reported strong overall FY23 results yesterday, however attention turned to results shared for the first month of FY24.
In the 12 months ending 30 June, also known as the 2023 financial year or FY23, JB Hi-Fi Australia total sales increased by 5.6 per cent to $6.55 billion with comparable sales from existing stores up 4.8 per cent. Compared to the pre-Covid financial year (FY19), sales were up 38.5 per cent. Key growth categories were communications driven by Apple iPhone 13 launch in the first half of the year with growth in both units and average selling price (ASP).
In audio, there was growth across both headphones and sound bars. JB Hi Fi’s airport stores represented an important contributor to growth in the audio category which benefited from higher passenger traffic throughout the 12-month period. Strong growth was generated from games hardware driven by availability of next-generation consoles.
The services category also contributed a strong result in areas such as installation and telco services and was recognised as a category that can provide continued growth into FY24 and beyond. Online sales declined by 20.9 per cent to $940 million or 14.4 per cent of total sales as shoppers returned to stores. When compared to the pre-Covid financial year (FY19), online were up by 264 per cent.
JB Hi-Fi New Zealand sales increased 11.3 per cent to $292.1 million and gross profit increased 2.4 per cent to $46.7 million. Compared to the pre-Covid financial year (FY19), sales were up 23.6 per cent. Key growth categories were communications, audio, games hardware, fitness and accessories. Online sales in New Zealand declined by 25.7 per cent to $32.1 million or 11 per cent of total sales. Compared to the pre-Covid financial year (FY19), online sales were up 141.9 per cent.
The Good Guys total sales increased by 0.8 per cent to $2.81 billion. When compared to the pre-Covid financial year (FY19), sales were up 31 per cent. Key growth categories were refrigeration across bottom mount, side by side and French door configurations; laundry – with strong growth in large capacity washers and heat pump dryers; floorcare – with growth across stick vacs, robot and barrel models; personal care – led by growth in hairstyling from premium brands and audio – with an increase in headphones, speakers and home theatre systems.
Online sales declined by 14.1 per cent to $341.1 million or 12.1 per cent of total sales as shoppers returned to stores. When compared to the pre-Covid financial year (FY19), online were up by 160.5 per cent.