JB Hi-Fi reports record sales and earnings for half year 2023

Australians have rushed out to buy TVs and computers over the past few months according to record sales recorded by the company.

Shoppers have flocked to JB Hi-Fi to buy TVs, computers and white goods in the past six months as the retailer reports record sales and earnings.

The electronics retailer recorded “strong” sales growth throughout the first half of the 2023 financial year, with total sales up 8.6 per cent to $5.3bn.

JB Hi-Fi said trading conditions were normalising after two years of the Covid-19 pandemic. Picture: NCA NewsWire / David Geraghty

The company flagged elevated demand for consumer electronics and home appliances along with “well-executed” Black Friday and Boxing Day sales in its ASX update on Tuesday.

Earnings were up 14.0 per cent to $479.2m and the company is on track to post a net profit of $329.9m this half year.

Online sales were $752.1m, representing only 14.2 per cent of total sales.

The Good Guys, also owned by JB Hi-Fi, increased sales by 7.3 per cent and earnings by 9.8 per cent.

The boost in growth was driven by a rise in demand for consumer electronics like computers and TVs and home appliances like fridges. Picture: NCA NewsWire / David Geraghty

JB Hi-Fi chief executive Terry Smart thanked the company’s 13,000 employees for delivering the result.

“We are pleased to report record sales and earnings for HY23 as trading conditions started to normalise following two years of Covid related disruptions,” he said.

“Our relentless focus on providing the best value and high levels of customer service every day, both in store and online, continues to resonate with our customers.”

Tuesday’s update represents the company’s preliminary sales, with audited statutory results to be released on February 13.