AAP Finance

JB Hi-Fi posts strong Q1 sales growth

By AAP Newswire

Oct 27, 2022

A JB Hi-Fi store in Brisbane. — Retailer JB Hi-Fi reports show sales growth momentum has continued in the September quarter. -AAP Image

JB Hi-Fi has posted double-digit sales growth in the September quarter across its two main businesses, underlining strong consumer demand that has driven retail activity in Australia this year.

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The electronics and appliances retailer said comparable sales at its namesake JB Hi-Fi Australia business jumped 14.2 per cent in the three months to September 30.

Comparable sales at consumer electronics and home appliances subsidiary the Good Guys rose 12.3 per cent during the quarter.

The retailer had recorded declines of 7.5 per cent and 5.6 per cent respectively at the two businesses for the same period last year amid COVID lockdowns across the eastern states.

"We are pleased with the start to FY23, with continued sales momentum and strong sales growth rates over a three-year period," chief executive Terry Smart told shareholders at the company's annual meeting on Thursday.

It booked an even better performance at its New Zealand stores, with sales surging 27.7 per cent in the September quarter, compared to a 6.4 per cent decline on the same period last year.

The company had reported a 7.7 per cent lift in full year profit to $544.9 million in August but had declined to provide full year guidance at the time citing an "uncertain retail environment".

By 1120 AEDT, JB Hi-Fi shares were up 1.2 per cent at $43.39 in a firm Australian market.

By AAP Newswire

Australian Associated Press