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

12 February 2018, 06:22 | Melvin Schneider

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

JB Hi-Fi Nabs

JB Hi-Fi today said online sales nearly doubled since the launch of a new website in August last year, accounting for 3.8 percent of first-half sales, or $4.8 million, compared to 2 percent a year earlier.

The company, which operates in Australia and New Zealand, forecast sales of about A$6.85 billion for the full 2018 financial year, and underlying net profit between A$235 million and A$240 million, 13 to 16 percent higher than the previous underlying profit.

Despite this, half-year total sales for The Good Guys jumped a whopping 318% notching $1.09 billion.

Government figures show the value of electric and electronic goods retail sales rose 5.8 percent $3.22 billion in the March 2017 from a year earlier, lagging an 11 percent increase in the volume of sales.

"We are pleased to have delivered record sales and earnings in the first half", group CEO, Richard Murray, said.

The retailer has declared an interim dividend of 86 cents (fully franked) per share - a notable 19% increase from the previous corresponding period.

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.

JB Hi-Fi Nabs

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.

Despite this, Murray says he is happy with how the business unit is tracking overall.

JB Hi-Fi shares were sold off savagely when the ASX opened, and the stock fell 7 per cent to $26.11 by 10.30am.

The company has rebranded its four JB Home stores in New Zealand, and closed one home entertainment store, leaving it with 15 JB Hi Fi outlets on this side of the Tasman.

"Having owned The Good Guys for over 12 months we are now starting to realise the benefits of the scale of the combined group and remain excited by the opportunity to grow one of Australia's leading retail brands".

Its results were boosted by a healthy Christmas sales period, and its takeover of electronics rival The Good Guys.

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