Nintendo Switch 2 has delivered a massive boost to JB Hi Fi sales with demand for the Japanese console helping the retailer to deliver sales growth of 7.5% the Companies New Zealand stores delivered 20.8% growth.

Online sales in New Zealand grew 48.1%.

Overall sales at Australia’s largest consumer electronics and appliance retailer came in at $7.10 billion, comparable sales up 7.2%, driven by continued customer demand, new product releases, and well-executed promotional activity.

The key growth categories were Mobile Phones, Small Appliances, Computers and Games Hardware (particularly in Q4 with the launch of Nintendo Switch 2). Online sales increased by 16.4% to $1.19 billion or 16.8% of total sales.

Gross profit increased by 6.4% to $1.56 billion with gross margin down 21 bps to 22.0%, driven by sales mix and ongoing competitive activity. 19 bps, and in absolute terms grew 5.8%, with disciplined cost control throughout the year.

The business’s low CODB remains a competitive advantage and is maintained through a continued focus on productivity, minimising unnecessary expenditure and leveraging scale.

Total sales in New Zealand increased by 20.8% to NZD396.3 million, with comparable sales up 9.2%.

Similar to Australia the key growth categories were Mobile Phones, Computers, Audio and Small Appliances.

Online sales increased by 48.1% to NZD63.0 million or 15.9% of total sales.

Gross profit increased by 21.3% to NZD67.3 million with gross margin up 6 bps to 17.0%.

CODB was 14.7%, down 86 bps, and in absolute terms grew 14.1%, with disciplined cost control throughout the year and continued investment in new stores and strategic initiatives.

EBIT was negative NZD0.2 million, up NZD2.0 million.