Total sales for JB Hi-Fi Australia increased 1% to $6.61 billion for the financial year to 30 June 2024, with comparable sales up 0.6%.
The company attributes the sales results to continued customer demand for technology and consumer electronics, supported by well-executed and successful Black Friday, Boxing Day and tax time promotional periods.
Key growth categories for JB Hi-Fi Australia were mobile phones with strong growth from Apple, small appliances driven by range and brand expansion combined with improved in-store execution, cameras and associated accessories, games hardware including consoles and handheld devices, and services with growth in telco incentives, installation and other services.
Online sales increased 2.8% to $1.03 billion or 15.5% of total sales. Gross profit declined 0.9% to $1.47 billion with gross margin down 42 basis points (bps) to 22.2% driven by sales mix and increased on-floor discounting. EBIT was down 11% to $491.2 million.
For JB Hi-Fi New Zealand, total sales increased 12.3% to NZ$327.9 million with comparable sales up 1.6%.
Key growth categories were in line with Australia including mobile phones with solid in-store execution and strong performance from Apple, audio driven by headphones, games hardware with strong stock availability assisting sales, IT driven by the smart home category, and small appliances with personal care, floorcare and coffee performing well. Online sales increased 32.4% to NZ$42.6 million or 13% of total sales.
Total sales for The Good Guys decreased 4.8% to $2.68 billion with comparable sales also down 4.8%. Home appliance categories remained resilient with good growth from small appliances including floorcare, as well as refrigeration and laundry, offset by softer demand for consumer electronics such as TVs, which were cycling elevated demand from the prior corresponding period.
Online sales increased 1.3% to $387.2 million or 14.5% of total sales. Gross profit was $621.2 million with gross margin down 22 bps to 23.2% driven by increased on-floor discounting. EBIT was down 25.8% to $158.1 million.
JB Hi-Fi Group CEO, Terry Smart said, “We are pleased to report our FY24 results, with sales remaining solid thanks to the strength of each brand’s core categories. In this tough retail environment where customers are seeking value, our brands continue to resonate strongly driven by the trust customers have in our low-price best value proposition.”