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JB Hi-Fi Posts Record Sales And Profits As Australians Continue To Spend Big Despite Record Inflation
- JB Hi-Fi reveals that it had record sales and profits in the first half of 2022/23
- The retailer said its total sales rose 8.6% to $5.28 billion.
- Black Friday and Boxing Day promotions were well managed, retailer said
JB Hi-Fi says it enjoyed record sales and profits in the first half of 2022/23 as customers continued to show strong demand for electronics and home appliances.
The retailer said overall sales rose 8.6 percent to $5.28 billion in the six months to December 31, compared with a year earlier.
Unaudited earnings before interest and taxes rose 14 percent to $479.2 million, while net earnings after taxes came in at $329.9 million, up 14.6 percent from a year ago.
The retailer said overall sales rose 8.6 percent to $5.28 billion in the six months to December 31, compared with a year earlier.
“We are pleased to report record sales and earnings for HY23 as business conditions began to normalize following two years of COVID-related disruptions,” said Group CEO Terry Smart.
For the December quarter, same-store sales increased 4.9% at JB Hi-Fi Australia, 9.8% at JB Hi-Fi New Zealand and 3.3% at The Good Guys.
The company said its Black Friday and Boxing Day promotions had been well run.
Online sales were $752.1 million, or 14.2 percent of total sales, and an increase of 11.9 percent of total sales for the first six months of calendar 2022.
The company will publish its audited financial reports on February 13.
In the December quarter, same-store sales increased 4.9% at JB Hi-Fi Australia, 9.8% at JB Hi-Fi New Zealand and 3.3% at The Good Guys.
JB Hi-Fi is the second Australian retailer to report strong sales for the second half of calendar 2022 on as many days, alleviating fears that consumers were unwilling to spend amid concerns about rising rates. interest.
Supercheap Auto, Rebel, BCF and Macpac owner Super Retail Group announced Monday that first-half same-store sales rose 11 percent to $1.96 billion.