JB Hi-Fi reveals bumper profits
ELECTRONICS retailer JB Hi-Fi has lifted first-half profit 37.4 per cent to $151.7 million after a healthy Christmas sales performance across its expanded store network.
The home electronics and entertainment retailer on Monday said sales revenue for the six months to December 31 surged 41 per cent to $3.69 billion, reflecting the November 2016 acquisition of rival The Good Guys.
Chief executive Richard Murray said he was pleased with the performance and flagged an expected full-year profit of between $235 million and $240 million - compared to $172.4 million in 2017.
"It was another strong result for the JB Hi-Fi business in Australia, particularly through the important November and December periods," Mr Murray said.
"We are pleased with the progress we have made at The Good Guys and are confident about the future opportunities for the group."
Seven new JB Hi-Fi stores opened in Australia during the period and one closed in New Zealand, while two new The Good Guys stores were opened.
Sales at JB Hi-Fi's Australian stores grew 10.8 per cent to $2.48 billion - up by 7.8 per cent on a comparable sales basis - driven by growth in communications, computers, audio, drones and games hardware.
Sales dipped 0.4 per cent in New Zealand but rose 2.4 per cent at The Good Guys, which contributed to a full first-half result for the first time.
The company lifted its interim dividend 14 cents to 86 cents, fully franked.