- Electronics retailer JB-Hi-Fi’s 2019 financial year profits after tax are up 7.1 per cent, coming in at $249.8 million
- Sales and earnings before interest and tax were up in the company’s Australian and New Zealand branches, as well as in The Good Guys stores
- JB-Hi-Fi’s share price is up 8.01 per cent today, currently sitting at $30.20 apiece
Electronics retailer JB-Hi-Fi’s share price has climbed 8.01 per cent today after informing the market of a jump in yearly profits.
During the 2019 financial year, JB-Hi-Fi saw profits after tax increased by $16.7 million to $249.8 million.
Sales growth was up 3.5 per cent, equivalent to $241 million. Which brought the total to $7.0953 billion.
Earnings before interest and tax (EBIT) saw a growth of 6.4 per cent over the financial year. Increasing from $350.6 million in 2018 to $372.8 million in 2019.
Sales and EBIT in Australia, New Zealand and in The Good Guys branches all saw increases during the financial year.
Sales numbers increased the most in Australia, and operations in New Zealand saw the biggest jump in EBIT.
In Australia hardware and services sales rose, while music, movies and games software sales declined.
The company highlighted it will continue to upgrade its online services, as online sales increased 23 per cent in the year, making up 5.5 per cent of total sales.
Online sales saw a similar increase in New Zealand, which JB-Hi-Fi said is thanks to its improved online platform. The sales were up 38.3 per cent, accounting for 5.6 per cent of total sales.
Refrigeration, laundry, dishwashers, televisions, communications and computers were the predominant sources of revenue growth at The Good Guys. The appliance and tech retailer also saw an increase in online sales, making up 6.1 per cent of total sales.
During the 2020 financial year, the company’s target is to deliver total sales of roughly $7.25 billion.
The markets favourable response to JB-Hi-Fi’s yearly earnings has seen its share price increase by $2.24 today, currently sitting at $30.20 apiece.