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JB Hi-Fi hits record A$9.2B sales

JB Hi-Fi hits record A$9.2B sales

Services generated only 0.4 per cent of the retailer’s total revenue.

Credit: JB Hi-Fi

JB Hi-Fi overall sales rose 3.5 per cent year-on-year to a record A$9.2 billion in FY22.

In addition to record sales, earnings before interest and tax were up by 6.9 per cent, to A$794.6 million, as was net profit after tax by 7.7 per cent, to A$544.9 million.

“We are pleased to report record sales and earnings for FY22,” said JB Hi-Fi group CEO Terry Smart. “These results reinforce the enormous trust our customers have in our brands and the strength of our multichannel offer, which continues to provide customers with choice on how to shop.”

The Australian arm of JB Hi-Fi saw total sales up 4 per cent to A$6.2 billion, with online sales increasing 52.3 per cent to A$1.2 billion. While positive, this was down from the financial year prior’s unaudited result of 78 per cent, which increased to 93 per cent when audited.

For the 12 months to 30 June 2022, JB Hi-Fi’s services arm, which consists of installation, IT services, extended care and customer support services, generated 0.4 per cent of the retailer’s total revenue.

This is slightly down from its results the financial year prior, when it made up 0.5 per cent.

The retailer also repositioned its pervious 'JB Hi-Fi Solutions' branding into three new brands to align to key market segments, including JB Hi-Fi Business, JB Hi-Fi Education and The Good Guys Commercial. 

A new e-commerce platform was also launched providing improved user experience from onboarding to order fulfilment and greater access to small to medium business markets along with expanding its dedicated telecommunications business channel.

New Zealand growth meanwhile was comparably mild, with total sales increasing by 0.3 per cent to NZ$262.4 million. However, online sales shot up 56.7 per cent, to NZ$43.3 million, making up 16.5 per cent of total sales – up from FY21’s 10.6 per cent.

The New Zealand branch also received a new managing director in the form of Tim Edwards, who was previously the CEO of tech retailer Noel Leeming Group for seven years before it was acquired by The Warehouse Group, where he remained at as its chief sales officer for an additional year.

“We are delighted to welcome Tim to the JB Hi-Fi Group. He is a proven retail executive with an outstanding track record, particularly in the New Zealand consumer electronics and technology market. We look forward to growing our New Zealand business under his leadership,” Smart said.

As for The Good Guys, total sales increased by 2.7 per cent, to A$2.8 billion.

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