JB Hi-Fi is the No 1 player in Australian consumer electronics and home appliance market.
JB Hi-Fi posted group sales of $5.16 billion, down 2.2 per cent, in the first half of the 2024 fiscal year.
Net profit fell nearly 20 per cent to $264.3 million in the half.
An interim dividend of $1.58 – 39¢ lower than a year ago – will be paid on March 8.
JB Hi-Fi boss Terry Smart says the stage three tax cuts and the apparent peak in the Reserve Bank of Australia’s cash rate will provide relief for retailers which are fighting it out for sales to counter a broader slowdown in spending.
The retailer, whose shares reset a record high on Monday of $60.58, up more than 7 per cent, vowed to keep improving productivity given the rising bills it faces from wages, Victorian payroll taxes and utilities.
Loading...
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
