JB Hi-Fi Group’s net profit after tax (NPAT) experienced a 9.4% decline in the first half of the financial year when compared to the previous corresponding half, according to preliminary unaudited financial figures.
Sales were down 1.6% during the half, while earnings before interest and tax (EBIT) decreased 9.1%.
For the second quarter (1 October to 31 December 2021), group sales were down 1.6% compared to the prior corresponding quarter, but up 21.7% over a two-year period as customer demand for consumer electronics and home appliances remains high.
Online sales for the group were $1.1 billion – an increase of 62.6% on last year – now accounting for more than one in five (22.7%) sales.
JB Hi-Fi Australia sales inched up 1.9% during the quarter, although sales growth was 23.3% over a two-year period. JB Hi-Fi New Zealand recorded a 3.4% decline in sales for the quarter, but sales were up 12.8% over a two-year period.
For The Good Guys, total sales growth was 3.4% for the quarter and 26.9% over a two-year period.
JB Hi-Fi Group CEO, Terry Smart said the company was pleased to report strong sales and earnings. “In challenging circumstances, we have again demonstrated our ability to adapt and respond to meet strong customer demand in-store and online.”
JB Hi-Fi Group will release its half year audited statutory results on 14 February 2022.