JB Hi-Fi says full-year profit fell, but sales up 4.3 per cent

Trans-Tasman electronics retailer JB Hi-Fi has reported a profit slump for the full year however, sales growth remained favourable.

The business said sales grew 4.3 per cent to $9.63 billion while tax-paid profit fell 3.7 per cent to $524.6 million.

In Australia, sales grew 5.6 per cent to $6.55 billion while comparable sales were up 4.8 per cent and online sales declined by 20.9 per cent to $940 million.

In New Zealand, sales were up 11.3 per cent to $269.10 million (NZ$292.1 million) while online sales fell by 25.7 per cent to NZ$32.1 million or 11 per cent of sales.

Sales by JB Hi-Fi’s The Good Guys business reached $2.81 billion (up 0.8 per cent) with online sales down by 14.1 per cent to $341.1 million, or 12.1 per cent of sales.

Group CEO Terry Smart said: “With the heightened uncertainty in the retail environment, both our brands remain well positioned to leverage their low-price market position as shoppers look to maximise value from their purchases.

“As we have continued to demonstrate, we will adapt and respond to the changing retail conditions to ensure we remain the number one destination for shoppers and grow our market share.”

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