JB Hi-Fi Must Be Still Selling A Lot Of Games And Consoles

Mark LLoyd  AFP  Getty Images

Mark LLoyd AFP Getty Images

Australian electronics retailer JB Hi-Fi Ltd posted a record first-half net profit, but spooked investors by warning that earnings growth would slow amid fierce competition, knocking its shares down by more than 8 percent.

As for the numbers behind JB Hi-Fi's profit result, sales rose 41 per cent (to $3.7 billion), and pre-tax earnings lifted 25 per cent (to $226 million).

On a brighter note, the company's online sales in New Zealand jumped 90 per cent to $4.8m and are now almost 4pc of total sales.

Sales at JB Hi-Fi Australian stores grew on previous year by 10.8% which was driven by the video games industry as well as computers, audio and drones.

In addition, sales from The Good Guys totalled $1.1 billion for the six months to the end of December.

Comparable sales at JB Hi-Fi stores grew by 7.8 percent, with audio equipment, drones, gaming, phones, computers and hardware compelling that growth. It was another strong result for the JB HI-FI business in Australia, particularly through the important November and December periods.

However, it suffered an online sales decline of 1.7% to $72.7 million (6.6% of total sales). The Good Guys in particular is a concern, as the division contributed 30% to total group sales for the period.

Despite this, Murray says he is happy with how the business unit is tracking overall.

The company's 15 New Zealand stores are a small part to the Australian group's 311 JB Hi-Fi and Good Guys retail outlets.

Performance of JB's New Zealand business was less pleasing.

The company expects its full-year profit to grow 13-16 percent despite sales rising 22 percent.

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