JB Hi-Fi Must Be Still Selling A Lot Of Games And Consoles
12 February, 2018, 06:21
JB Hi-Fi's rejigged strategy for its New Zealand business all but wiped out first-half earnings on this side of the Tasman as the discount consumer electronics chain shut one store and quit selling whiteware goods.
JB Hi-Fi forecast annual profit of between A$235 million and A$240 million in the 2018 financial year on sales of A$6.85 billion.
Performance reporting of The Good Guys was affected by the timing of the acquisition in late 2016, however comparative sales for the six months from July to December shows total sales increased just 2.4% and comparable sales 1.8%.
Group CEO, Richard Murray says, "We are pleased to have delivered record sales and earnings in the first half".
On these results, JB's Australian segment is continuing to perform strongly, though the same can't be said of The Good Guys and the New Zealand business.
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JB Hi-Fi's Solutions business nabbed "double digit" sales growth, which the retailer states is on track to hit a long-term aspirational sales target of about $500 million per annum. "We are pleased with the progress we have made at The Good Guys and are confident about the future opportunities for the group".
Sales growth in January marked a 7% increase, however, is lower than the 10% lift recorded past year.
Despite this, Murray says he is happy with how the business unit is tracking overall.
For the period, online sales soared 40%, and now represent 4.8% of total sales. JB Hi-Fi closed one store in New Zealand.
Retail expert Chris Wilkinson of First Retail NZ said competition was fierce in the New Zealand appliance market, with Noel Leeming, Harvey Norman and Smiths City leading the way, alongside some strong regional players. This comprises $4.75 billion from JB Hi-Fi and $2.1 billion from The Good Guys.
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 a year ago.
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