JB Hi-Fi has delivered a strong first-half result, with sales climbing 7.3% to $6.1 billion as Australian and New Zealand consumers splashed out on mobile phones, computers, games and small appliances.

Net profit rose 7.1% to $305.8 million for the half year to December, slightly ahead of market expectations. Earnings before interest and tax (EBIT) increased 8.1% to $454 million, while earnings per share lifted 7.1% to 279.7 cents.

The retailer’s core Australian business recorded sales of $4.12 billion, up 6.3%, with online sales jumping 11.2% to represent 18% of total sales. Comparable sales growth in JB Hi-Fi Australia came in at 2.4%.

Across the Tasman, the company’s New Zealand operations delivered standout growth, with total sales rising between 26% and 32.6%, depending on segment reporting, driven by strong demand for similar product categories to Australia.’

JB Hi-Fi’s whitegoods arm, The Good Guys, benefited from Black Friday and Boxing Day promotions, with customers spending on portable appliances, floor care, cooking, refrigeration and laundry products.

Sales at The Good Guys rose between 2.7% and 4.1% to around $1.58 billion. However, premium appliance retailer E&S saw sales decline 4.6%.

JB Hi-Fi Group CEO Nick Wells said the company continued to grow in a “retail environment where customers are seeking value”, highlighting its positioning amid ongoing cost-of-living pressures.

The board declared an interim dividend of $2.10 per share, up from $1.70 a year earlier, following its decision to lift the dividend payout ratio from 65% to a range of 70 to 80%.

The interim dividend represents a 75% payout of first-half earnings.

JB Hi-Fi shares were last trading at $76.68.

More to follow.