JB Hi-Fi Limited today reported net profit after tax of $82.1 million, up from $79.6 million for the same period last year. Sales have risen to $1.82 billion from sales of $1.77 billion for the six months ended 31 December 2012.Sales growth for JB Hi-Fi branded stores in Australia and New Zealand was 3.1% and comparable store sales were -3.5%. Total sales for the Group grew 2.3%.
Gross margin was 21.5% (HY12: 21.2%) and cost of doing business was 13.8% (HY12: 13.6%), resulting in EBIT of $123.7 million (HY12: $120.7 million) and an EBIT margin of 6.8% (HY12: 6.8%).
JB Hi-Fi CEO, Terry Smart, said “We are pleased with the result, with total sales growing and the improved
gross margin resulting in NPAT growth over the prior period. Whilst we continue to see total sales growth, the
Visual (TV) category in particular negatively impacted comparative store growth.”
Smart said “the industry has seen TV sales decline over the past few years as the category moves towards a more typical replacement driven sales market. The JB brand however continued to attract customers with our market share growing solidly.”
More to follow.
