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JB Hi-Fi Posts Record Sales, Profits

JB HiFi has enjoyed six months of record sales and earnings as retail conditions begin to stabilise.

For the half year to December 31, net profit jumped an impressive 14.6 per cent, to $329.9 million.

For the December quarter, the company’s earnings before interest and tax were up by 14 per cent, to $479.2 million, while sales increased by 8.6 per cent to reach $5.3 billion.

JB Hi-Fi’s New Zealand stores were the most-improved performer during the half-year, with sales up 16.1 per cent and EBIT up 26.5 per cent on the same period in 2021.

JB’s Australian stores saw sales growth of 9.1 per cent, and EBIT up 16.7 per cent, while The Good Guys saw sales rise 7.3 per cent, and profits up 9.8 per cent.

Online sales across the board accounting for 14.2 per cent of all sales, totally $752.1 million.

“We are pleased to report record sales and earnings for HY23 as trading conditions started to normalise following two years of COVID-related disruptions,” said CEO Terry Smart.

“Our relentless focus on providing the best value and high levels of customer service every day, both in store and online, continues to resonate with our customers.

As always, a key part of our continued success is our over 13,000 team members and their passion and dedication to looking after our customers’ needs. I would again like to thank them for delivering this outstanding result.”

JB will release its full half-year results on February 13.

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