Markets

JB Hi-Fi sales and revenue lift

JB Hi-Fi sales and revenue lift

Net profit was A$151.7 million ($118.37 million) for the six months ended December 31, the company said on Monday, compared with A$110.4 million a year ago. Revenue fell 0.4 percent to $124.6 million and gross margin shrank 169 basis points to 16.31 percent.

JB Hi-Fi closed one of its New Zealand stores in the six months ended December 31, while opening seven new stores in Australia.

The discount retailer signalled the shift for the New Zealand division a year ago, taking an A$15.8 million impairment charge on the business after reviewing the unit and deciding on a way to revive sales and fatten margins.

However, there was some weakness in the company's results - particularly from its New Zealand business. The segment only contributed 3.4% of total sales for the period.

Its total sales rose to $3.7 billion, rising 41 per cent from the 2016 half year's sales of $2.6 billion.

JB Hi-Fi has lifted first-half profit 37.4 per cent to $151.7 million after a healthy Christmas sales performance across its expanded store network.

Team figure skating concludes; women's alpine skiing postponed
NBC ( live stream ) will broadcast these competitions, and fans can watch every event airing on NBC via FuboTV . Hot on their heels, Maia and Alex Shibutani from Team USA finished second using a medley of Perez Prado songs.

The board declared a fully-franked interim dividend of 86 Australian cents per share, payable on March 9 with a February 23 record date.

In today's announcements, management also provided a sales update for January and full-year FY2018 guidance.

JB Hi-Fi expects group profit to be between $235 million and $240 million, an increase of 13.1% to 15.5%, for the 12 months.

Total sales growth for The Good Guys was 5.0% and comparable sales growth was 3.5% in January 2017, and the same figures fell to -3.5% and -4.7% respectively in January 2018.

"We are pleased with the progress we have made at The Good Guys and are confident about the future opportunities for the Group".


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