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JB Hi-Fi New Zealand sales increases in 2019 financial year

JB Hi-Fi New Zealand sales increases in 2019 financial year

Retail chain fights back from decline in 2018 to achieve sales and profit growth

Retail margins remained tight, but JB Hi-Fi achieved growth in NZ in the year to 30 June, 2019.

Retail margins remained tight, but JB Hi-Fi achieved growth in NZ in the year to 30 June, 2019.

Credit: Rob O'Neill

Sales growth at JB Hi-Fi New Zealand lagged behind that achieved by the company's Australian business in the year to 30 June, 2019.

JB Hi-Fi announced total NZ sales up 2 per cent to NZ$236.2 million while Australian sales grew 4.1 per cent to A$4.73 billion.

The result reverses a 1.1 per cent sales decline reported in New Zealand last year. 

Gross profit in New Zealand fell, however, from NZ$40.9 million to NZ$40.8 million and the unit recorded a net loss of A$1.9 million.

Comparable sales in the New Zealand business were up 8.2 per cent with key growth categories being communications, fitness, audio and small appliances. 

New Zealand online sales grew 38.3 per cent to NZ$13.3 million, 5.6 per cent of total sales, benefiting from an improved online platform. 

Gross margin was down 0.37 per cent on 2018 at 17.3 per cent and cost of doing business was 16.7 per cent, down 0.57 per cent on the previous year. 

EBIT was NZ$1.9 million, up NZ$1 million on 2018.

The ASX-listed company reported overall net profit after tax up 7.1 per cent to A$249.8 million from A$7.1 billion of sales (2018: A$6.9 billion). 

Total sales growth for 2019 was 3.5 per cent while earnings per share was up 7.1 per cent to A217.4 cents per share.




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