JB Hi Fi
JB Hi-Fi says the impact of changes in the electronics retailing market remains “unclear” following the collapse of rival trader Dick Smith.
But the market is expected to remain competitive regardless, JB chief Richard Murray says.
He was speaking as the group reported a net profit for the six months through December of $95.2 million, up 7.5 per cent on the same period a year earlier.
Revenue was $2.12 billion as sales increased 7.7 per cent. Like-for-like sale, stripping out the impact of stores that have opened or closed, were up 5.2 per cent.
“This was a solid result with trading in the important November and December periods particularly strong as we executed on a great promotional plan,” Mr Murray said.
Many analysts had been concerned that a troubled Dick Smith, which had an inventory glut and announced a hefty discounting campaign late last year, would trigger a price war and erode profit margins at rival retailers.
Mr Murray noted the impact from the “changes” to the electronics and home appliance retail industry.
“In the near term it is unclear how these events will impact the industry,” he said.
The market was likely to remain competitive as retailers tried to match their performances in a strong second half last financial year, Mr Murray said, when they benefited from small business tax incentives unveiled by then Federal Treasurer Joe Hockey.
JB Hi-Fi said it was expecting total sales of $3.9 billion for the year and net profit between $143 million and $147 million, largely in line with analyst expectations.
The group opened seven stores in the six months December, and plans on one more by June.
Mr Murray said JB’s online sales portal, known as Solutions, would be an important area for future growth after online sales jumped nearly 30 per cent during the last six months — representing 3 per cent of total sales.
“JB HI-FI Solutions is a key driver of our future growth. We continue with our aggressive recruitment plan as we expand our product and service offer,” Mr Murray said.
Total sales growth in January was also solid, up 10.2 per cent during the month year-on-year.
Comparable sales increased 6.5 per cent during the month, which was slightly below the result a year ago of 7 per cent.
“Sales in January 2016 were pleasing given the strength in the prior year, with back to school technology purchases in both our retail and Solutions businesses driving sales,” Mr Murray said.
JB Hi-Fi will pay an interim dividend of 63c a share, an increase of 4c a share over last year’s interim payout.
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