JB Hi-Fi Reports Strong Sales Growth Across NZ & Australian Stores
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- JB Hi-Fi’s net income rose 8% to $285.4 million, driven by strong sales growth.
- New Zealand sales surged 20%, with online sales jumping 58.4% to NZ$32.4 million.
- JB Hi-Fi Invercargill celebrates its first birthday on 20 February.
JB Hi-Fi has reported a significant increase in sales and profit for the half-year ending 31 December, as the retailer benefited from strong demand during Black Friday and Boxing Day promotions.
The company’s net income rose 8% year-on-year to $285.4 million, as total sales climbed 9.8% to $5.67 billion. The group’s earnings before interest and tax (EBIT) increased by 8.6% to AU$419.9 million.
In Australia, JB Hi-Fi’s sales increased by 7.2% to $3.88 billion, with online sales growing 16.4% to $682.7 million. Mobile phones, computers, televisions, small appliances, and cameras were among the key product categories driving growth.
New Zealand saw even stronger performance, with sales soaring 20% to NZ$202.5 million. Online sales in the region jumped 58.4% to NZ$32.4 million, representing 16% of total sales. Growth was particularly strong in mobile phones, computers, cameras, audio, and small appliances. The division’s gross profit rose 22.4% to $34.5 million, and its EBIT climbed to $2.2 million, reversing a $400,000 loss from the previous year.
“In this challenging trading environment, marked by heightened competitor activity, our focus remained on maximising demand through delivering consistently high levels of customer service and exceptional value for our customers,” said Australian JB Hi-Fi CEO Terry Smart.
Looking ahead, JB Hi-Fi continues to expand its presence, with plans for five new stores across the financial year, two of which have already opened. Cost control remains a focus, with the New Zealand division reducing its cost-of-doing-business by 13.8%.
The company’s strong momentum has carried into the start of 2025, with January sales increasing 7.4% in Australia and 20.4% in New Zealand. The Good Guys and E&S also continued to perform well, posting sales growth of 6.4% and 8.1%, respectively.
Adding to the celebrations, JB Hi-Fi’s Invercargill store, located in the Invercargill Central mall, marks its first birthday on 20 February.
JB Hi-Fi shareholders will receive an interim dividend of 170 cents per share, reflecting the company’s solid financial position.
