JB Hi-Fi's first-half profit surges 21 per cent to $151.7 million

Share

JB Hi-Fi has brushed off the pre-Christmas arrival of Amazon in Australia to post a 21 per cent jump in profit for the first half of the financial year, but disappointed investors with a lower than expected outlook for the rest of the year.

Sales in New Zealand were down 0.4 per cent to $123.6 million and its earnings before interest and tax were zero, compared to $1m past year, although that was largely weighed down by $5m in lost sales and one-off closure costs.

The company lifted its interim dividend 14 cents to 86 cents, fully franked.

Kim Yo-Jong invites South Korea's Moon to North Korea
She is reportedly the first member of Jong-Un's family to travel South across the border since the Korean War. A Moon-Kim summit would mark the first time leaders of two countries have met in 11 years.

JB Hi-Fi's Solutions business nabbed "double digit" sales growth, which the retailer states is on track to hit a long-term aspirational sales target of about $500 million per annum.

Not a great result for New Zealand, however, management will be putting most of its energies into the Australian business and integration of The Good Guys. This is compared to a result of $263 million in HY17.

"It was another strong result for the JB HI-FI business in Australia, particularly through the important November and December periods", said the JB HI-Fi chief executive Richard Murray.

Kim Jong Un Invites South Korean President Moon Jae-in To Pyongyang
It has only deepened over the years as the North closes in on the ability to field an arsenal of nukes that can hit USA cities. Pence and the North Korean delegation, who both attended the Games opening ceremony, had no contact with each other.

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. "One JB Hi-Fi store was closed and we have exited whitegoods and rebranded the four stores to JB Hi-Fi" from JB Hi-Fi Home.

"We are pleased with the progress we have made at The Good Guys and are confident about the future opportunities for the Group". This comprises $4.75 billion from JB Hi-Fi and $2.1 billion from The Good Guys. JB Hi-Fi came in at No. 218, and is only the third Australian retailer to boast a place.

Listen up! Let Serena Williams play singles in Fed Cup on Sunday
Yes, Serena is just five months removed from having a baby, and yes, she had life-threatening childbirth complications. Each player held serve the rest of the way as Williams improved her overall Fed Cup singles record to 20-2.

Share