The JB Hi-Fi Group, which recently restructured their management team while completing its acquisition of a 75% stake in E&S Trading, has reported sales growth across both JB Hi-Fi and The Good Guys.
Also creeping into Group sales are revenues from E&S Trading. However, the September 2024 revenues for E&S have not been revealed.
In a statement to the ASX before their Annual General Meeting, the business revealed that between July 1-September 30, total sales grew 4.9 per cent at JB Hi-Fi Australia, and 19.6 per cent at JB HI-FI New Zealand.
Even The Good Guys delivered growth of 5.3 per cent for the period despite discount pressure on the business.
The Group previously reported total sales of $9.59 billion for the 12 months ending 30 June 2024 with overall sales only increasing 1 per cent to $6.61 billion which the company said was supported by “well-executed Black Friday, Boxing Day and Tax Time promotional periods.”
Currently, the business is heading into a new Black Friday sales period with some retailers set to kick off their discounting programs early.
ChannelNews recently reported that instead of one day or a week leading up to Black Friday, this year consumer electronics and appliance retailers are working with suppliers in Australia for an entire month of Black Friday sales with the likes of JB Hi-Fi and The Good Guys looking to grow November sales over 2023 Black Friday sales numbers.
As part of a recent management restructure, Nick Wells was appointed as Group Chief Operating Officer with some observers claiming that he will one day take the top job at the retailer who have been branded among the “best” CE and appliance retailers in the world.
Wells, who has been the group’s chief financial officer since 2014, is seen as a key contributor to past growth and management of the business.
David Giansalvo has been appointed to succeed Well as the company’s chief financial officer.
As part of its business growth strategy, in September, JB H-Fi also completed its $47.8 million acquisition of a 75 per cent stake in kitchen, laundry and bathroom products chain E&S Trading. E&S Trading has 10 showrooms in Victoria and one in Canberra.
According to management, the first investments in the E & S business will come in Victoria with an expansion of retail outlets.
Then, when the Group management team have a better understanding of the premium appliance market, they will look at expanding outside of Victoria claims CEO Terry Smart.
