Black Friday promotion helps boost JB Hi-Fi first-half sales

Rakshnna Pattabiraman

17th Jan 2023

“Well-executed” Black Friday and Boxing Day promotions helped underpin a strong second quarter for omnichannel retailer JB Hi-Fi, with online sales accounting for 14.2 per cent of sales.

First-half sales grew 8.6 per cent to $5.3 billion while tax-paid profit climbed 14.6 per cent to $329.9 million.

Continued sales growth in the half improved gross margins as earnings before income and taxes reached $479.2 million, up 14 per cent.

In Australia, sales grew 9.1 per cent to $3.6 billion while its New Zealand operations registered NZ$160.6 million, up 16.1 per cent. The Good Guys subsidiary achieved $1.5 billion in sales, up 7.3 per cent.

While EBIT in New Zealand fell by 26.5 per cent, JB Hi-Fi Australia improved by 16.7 per cent and The Good Guys by 9.8 per cent.

Group CEO, Terry Smart, attributed the record sales and earnings in this half to the normalising trading conditions following two years of Covid-related disruptions.

The group will release its half-year audited statutory results on February 13.