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JB Hi-Fi lifts profit in HY16

jbhifiJB Hi-Fi has lifted its first half profit by 7.6 per cent on the back of a strong performance in the key trading months of November and December.

The home and electronic goods retailer reported net profit of $95.2 million for the six months to December 31, up from $88.5 million a year ago.

Total revenue increased 7.7 per cent to $2.12 billion, with comparable sales during the period up 5.2 per cent.

The retailer said it expects full year profit in the range of $143 million to $147 million, while full year revenue is expected to be about $3.9 billion.

“This was a solid result with trading in the important November and December periods particularly strong as we executed on a great promotional plan,” said¬†JB Hi-Fi CEO, Richard Murray.

Online sales continue to grow for the electronics retailer, with sales up 28.9 per cent in HY16. This represents 3.0 per cent of total sales for the company.

“We continue with a strong investment program including rolling out JB Hi-Fi Home, the introduction of small appliances to existing stores and upgrades to a number of stores,” said Murray. “This will position us well as we cycle a strong second half in the prior year.

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