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Comms, audio and computers drive JB Hi-Fi results

Comms, audio and computers drive JB Hi-Fi results

Total sales grew while online sales took a dive across both A/NZ

Credit: JB Hi-Fi

Communications, audio, accessories and computers were the key performing growth categories for publicly listed retailer JB Hi-Fi for the six months to December 2022. 

Total sales during the first half of FY23 were up 8.6 per cent to $5.28 billion and earnings before tax rose 14 per cent to $479.2 million.  Net profit was also up 14.6 per cent to $329.9 million for the first of FY23. 

The Good Guys grew 7.3 per cent to $1.5 billion in sales. 

Key growth categories across both Australia and New Zealand included communications, audio, accessories, computers and fitness.

In the Australian market, total sales reached $3.59 billion, up 9.1 per cent. 

Specifically, hardware and services sales were up 9.2 per cent and software sales were up 5.7 per cent, with software representing 4.8 per cent of total sales. 

The commercial business recorded solid sales growth, the retailer said as it looks to invest in its sales team and expand its inside sales channel. 

The retailer indicated its new JB Business website drove solid growth, attracting new SMB customers along with the development of TechOnDemand services. 

Online sales took a 34.8 per cent dive to $537.3 million but were up 214.6 per cent compared to pre-COVID half-yearly results in FY20. 

In New Zealand, total sales were up 16.1 per cent to NZ$160.6 million with comparable sales up 16.1 per cent. 

Online sales in New Zealand fell 34.7 per cent to NZ$19.3 million but were up 100.6 per cent compared to pre-COVID HY20. 

In August, JB Hi-Fi hired Tim Edwards as managing director to lead a repositioning of the New Zealand business. 

JB Hi-Fi CEO, Terry Smart said sales growth during the January trading period was starting to moderate from the elevated levels in the first half of FY23. 

“As we enter an uncertain period, our business is well placed with a proven ability to adapt to any changes in the retail environment and trusted value-based offerings that will continue to resonate with our customers and grow our market share,” Smart said.

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