JB Hi-Fi posts record sales and earnings

Written on the 12 August 2019 by Business News Australia

JB Hi-Fi posts record sales and earnings

It has been another strong year for retail giant JB Hi-Fi (ASX: JBH), posting record sales and earnings.

Total sales were up 3.5 per cent to $7.1 billion and NPAT was up 7.1 per cent to $249.8 million.

These continued strong results, showing growth every financial year since FY15, demonstrate the brand's strong position in the Australian market.

The company hardly appears to have been dented by the arrival of competitor Amazon in 2017, a move that critics thought could be a death blow to the now iconic Australian tech retailer.

The retailer succeeded in key growth categories of communications, audio, fitness, games hardware, and connected technology to see Australian sales grow by 4.1 per cent to $4.73 billion during FY19.

Online sales also grew significantly by 23 per cent to $258 million, representing 5.5 per cent of total sales.

In Australia gross profit increased by 3.9 per cent to $1.05 billion resulting in a gross margin of 22.1 per cent.

The group also had success in New Zealand, with total sales in the region up two per cent to NZD$236.2 million.

JB Hi-Fi's board has declared a final dividend of 51 cents per share, fully franked, bringing the total dividend for FY19 to 142 cents per share.

In FY20 the company expects total group sales to be around $7.25 billion.

"Whilst we continue to see variability in the sales environment, we enter FY20 confident in our ability to execute and grow market share and look forward to another successful year," says JB Hi-Fi CEO Richard Murray (pictured).

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