Australian technology retailer JB Hi-Fi has reaped A$93.5 million (NZ$113 million) from its New Zealand launch out of total customer revenue of A$1.8 billion for the year ended 30 June 2008.
The retailer says in its preliminary annual report that overall margins suffered due to the investment in rolling out stores in New Zealand, but also notes over 10% same-store growth in the Kiwi market.
Before interest and tax the New Zealand business lost A$4.7 million, while the group overall made a net profit of A$65.1 million. At year end the group had 12 New Zealand and 93 Australian stores.
In the 2007 financial year, JB Hi-Fi made A$21.9 million customer revenue in New Zealand.