JB Hi-Fi has announced its half-yearly net profit rose 37% and online sales grew 40% as it successfully safeguarded its turf in an intensifying online retailing war in the electronics sector.
JB Hi-Fi has pushed aside any concerns around Amazon’s pre-Christmas arrival. On Monday, the Australian electronics retailer said its net profit was up 37 percent to $151 million for the six months ended 31st December 2017, compared with $110 million during the same period a year ago.
Total sales for the half year period rose 23 percent, totalling $3.68 billion while online sales grew by a sizeable 40 percent, accounting for 4.8 percent of total sales.
“It was another strong result for the JB HI-FI business in Australia, particularly through the important November and December periods,” said JB HI-Fi’s chief executive Richard Murray.
In 2016, JB Hi-Fi acquired white goods retailer The Good Guys for $870 million, which Murray said has been progressing well.
“We are pleased with the progress we have made at The Good Guys and are confident about the future opportunities for the Group.”
Comparable sales at JB Hi-Fi stores grew by 7.8 percent, with audio equipment, drones, gaming, phones, computers and hardware compelling that growth.