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JB Hi-Fi Nabs"Record" HY18 Results, Sales Soar 41%, Profit Up 21%

12 February 2018

On Monday, the Australian electronics retailer said its net profit was up 37 percent to $151 million for the six months ended 31 December 2017, compared with $110 million for the same period a year ago.

The company also posted net profit after tax (NPAT) figures of $151.7 million, which is up 21% compared to the same period past year (HY17 came in at $125.4 million).

The Good Guys saw total sales revenues of $1.10 billion, which is a rise of 318%, although this huge growth was a result of the company only consolidating one month's sales for HY17 (as JB Hi-Fi acquired TGG in November 2016).

As for its earnings before interest and tax (EBIT) it bolstered over the period, rising by 25 per cent or by $45 million rising to $226 million.

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Looking at the JB Hi-Fi Australia business unit, the company reported a gross profit increase of 9.8% to $545.3 million, resulting in a gross margin of 22.0%.

Following its sale to JB Hi-Fi in November 2016, The Good Guys posted a 4% total sales decrease in January, versus 5% growth recorded past year.

Online sales, in particular, were a particularly strong growth area, surging 40.6 per cent to $119.3 million.

Management has controlled The Good Guys for 12 months now, and although it's still early days, the acquisition's performance has underwhelmed compared to JB's Australian segment.

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

The practice of Australians generally buying new electronics for new homes has led to JB Hi-Fi being seen as a bellwether for the housing sector, which is said to be overheated.

New Zealand remains a weak spot for JB Hi-Fi, with sales dropping 0.4%, however, lifting 2.4% for The Good Guys NZ. The forecast indicates a 13% - 16% lift of underlying results, compared to the previous period.

"We are pleased to have delivered record sales and earnings in the first half", chief executive Richard Murray said. JB Hi-Fi came in at No. 218, and is only the third Australian retailer to boast a place.

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JB Hi-Fi Nabs