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JB Hi-Fi total sales fall, online passes $1 billion in first half

JB Hi-Fi Group has seen a decline in total sales revenue throughout its first half, although online sales profit boomed past $1 billion, encouraging the group to upgrade its websites and expand online delivery options.

In the six months ending 31 December total group sales were down 1.6 per cent to $4.86 billion, but up 21.7 per cent over a two-year period.

Meanwhile, the online sales across the group, including JB Hi-Fi ANZ and The Good Guys, grew by 62.6 per cent to $1.1 billion: representing 22.7 per cent of total sales. 

JB Hi-Fi’s trade in Australia declined by 1.9 per cent to $3.29 billion, although sales momentum was strong during the half. The business’ gross profit fell by 2.9 per cent to $716.3 million, with margins down to 21.8 per cent.

Customer demand for electronics and home appliance products had increased and key growth categories such as small appliances, games hardware, accessories and visual merchandising were identified.

JB Hi-Fi’s local online sales grew 59.9 per cent to $823.9 million, accounting for 25 per cent of total sales. 

As for JB Hi-Fi’s New Zealand stores, total sales were down 4.5 per cent to NZ$138.4 million, while online sales grew 81.5 per cent to NZ$29.6 million. The Good Guys also saw a decline in gross profit which is estimated at $324.9 million and total sales down by 0.8 per cent to $1.44 billion. 

The electronics group’s CEO, Terry Smart, acknowledged that there is uncertainty around what can be controlled in the retail environment.

“We continue to see elevated demand across all of our sales channels, particularly online which our customers seamlessly transitioned to during the various lockdowns demonstrating the strength and trust in our brands,” he said.

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