JB Hi-Fi whiteware exit hurts 1H earnings

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

The chain, which has successfully moved into whiteware in Australia, has also told the ASX that while it enjoyed a bumper first half, its New Zealand operations were treading water.

Net profit was A$151.7 million ($118.37 million) for the six months ended December 31, the company said on Monday, compared with A$110.4 million a year ago.

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).

JB Hi-Fi declared an interim dividend of 86 Australian cents per share, up from 72 Australian cents a year ago.

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.

As far as online sales go, that improved as well with a 40.6% increase in sales online.

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

Electronics retailer JB Hi-Fi's underlying first-half net profit has jumped by 21 per cent to $151.7 million. The Good Guys in particular is a concern, as the division contributed 30% to total group sales for the period. The segment only contributed 3.4% of total sales for the period.

However, there was some weakness in the company's results - particularly from its New Zealand business.

In 2016 JB Hi-Fi acquired white goods retailer The Good Guys for $870 million, which Murray said has been progressing well.

In terms of the entire business' future outlook, the company expects total group sales to hit approximately $6.85 billion (JB HI-FI $4.75 billion and The Good Guys $2.1 billion) for FY2018.

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