JB Hi-Fi posts 10 per cent sales growth despite cost-of-living pressures

In a major positive sign for Australian retail, JB Hi-Fi has posted a 10 per cent gain in half-yearly sales to $5.67bn. In first-half results posted on Monday, the retailer points to mobile phone, small appliance and camera sales alongside staple TVs and computers as key drivers for the gain. Online sales ticked up to 17.6 per cent of all sales, from 16.2 per cent in the first half of the previous year. “In this challenging trading environment, marked by heightened competitor activity, our focus remained on maximising demand through delivering consistently high levels of customer service and exceptional value for our customers,” chief executive Terry Smart said in an ASX announcement. The $5.67bn interim sales figure – up 9.8 per cent – represents an 8 per cent jump in first-half profit. Sales at The Good Guys also rose by 9.2 per cent to $1.52bn; floorcare, TVs, portable appliances, cooking and refrigeration were key to the growth. The latest national monthly retail trade figures show that December 2024 was busier than in 2023. Retail turnover rose 4.6 per cent in December compared with the previous year, Australian Bureau of Statistics figures show. The bureau credited Black Friday, Cyber Monday and Christmas-time sales as key drivers. EToro market analyst Josh Gilbert said JB Hi-Fi’s results beat profit and sales estimates. “JB Hi-Fi looks set to build on its already strong start to the year with another impressive set of results this morning,” he said. “Despite a challenging few years for retailers, JB Hi-Fi has remained resilient and has shown that it is an outstanding business that is being run very well. “The end-of-year period is a key time for retailers with Black Friday and Boxing Day – clearly, JB has smashed it out of the park.” On Monday, shareholders were rewarded; the company declared an interim dividend of $1.70 per share, up 7.6 per cent.