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JB Hi-Fi Sales Up 10% In Second Half

By Oonagh Reidy | Monday | 12/08/2013

JB Hi Fi sales were up 6% for the year ending July, however sales in the second half climbed 10% according to their latest ASX report.

Total sales hit $3.31bn for year end June 30 - up 5.8% on FY12. Second half sales rose over 10% - a good result amid reluctant consumer spending.  

FY 13 comparable sales rose 0.6%, although were up 3.2% in H2 amid improved growth,  JB said in a statement. 

Net profit (NPAT) also rose 11% to $116.4m.  

Gross margin improved 43bps to 21.5%. 

Earnings also up 11% to $177.8 m. 

Online sales rose 30% but still represent just 2% of total sales (FY12 1.6%) 

JB Hi-Fi's web traffic is growing rapidly- a whopping 1.15 million visitors visit its website every week - up 24%. 

The retailer says its mix of websites and bricks and mortar stores "give customers a choice on how they wish to shop." 

It plans to launch a new website in first half of next financial year FY14 with "improved search functionality and richer product information."

During the period, eight stores were converted in JB Home appliance stores, showing "positive" sales and no negative impact on existing electronics categories. 

It now plans to convert another 10 stores in JB Home and anticipates converting a total of 50 in the next three years, it said today.

This is no surprise considering appliance and white goods are one of the best performing categories in electronics at present.

CEO Terry Smart said positive sales momentum in H2 was "pleasing" and was a "solid overall result". 

The outlook for FY14 is positive - with the retailer forecasting a sales increase of 6-8%.  

"We have seen a good start to FY14 with the continuation of the positive comparable sales seen in the second half of FY13," he added.  

Smart also cited growth opportunities in FY14, with a "strong line up of new products" planned for H1, new store rollout and expansion of home appliances.  

July sales were up 8%, while comparable sales also showed improvement.  

JB plans to open 12 new stores in the FY14. Store count now stands at 176 for Australia and New Zealand. 13 new stores opened and three were shut.

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