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E-commerce

E-commerce investment pays off for JB Hi-Fi

JB Hi-Fi saw an 11.5 per cent increase in net profit to $152.2 million for the full year ending June 30, thanks in part to a big jump in online sales.

The consumer electronics company’s e-commerce business grew 35.8 per cent in FY16 to reach $119.1 million. Online sales now represent 3.0 per cent of total sales, compared to 2.4 per cent the previous year. JB Hi-Fi websites received 1.3 million unique visits per week on average in FY16, peaking at 2.3 million around Christmas 2015.

“We continue to leverage the benefits of a strong online presence combined with our convenient store locations. We are very focused on building a great customer experience online and are pleased with the progress made in FY16,” said JB Hi-Fi CEO Richard Murray.

Investment in online projects, such as a platform upgrade for the company’s New Zealand website, will continue into 2017 with the goal of creating a “seamless customer experience” across PCs, tablets and smartphones.

JB Hi-Fi also experienced better sales on computers, visual, audio and accessories following the closure of Dick Smith stores. Total sales growth for FY16 is 8.3 per cent to $3.95 billion with comparable sales up 5.4 per cent.

The retailer reported a 7.6 per cent increase for its 2017 sales target to $4.25 billion.

“We had a great finish to the financial year and we are proud to deliver both net profit and earnings per share up 11.5 per cent,” Murray said.

JB Hi-Fi shares rose after Monday’s results were announced, gaining $2.74, or 10.01 per cent, to $30.12 at 1600 AEST.

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