JB Hi-Fi profits have weakened on tablet sales

A fan takes a photo with an iPhone at at the 2015 Australian Open. obert Prezioso/Getty Images

Sales have eased for electronics retailer JB Hi-Fi with net profit for the six months to the end of December down 1.9% to $88.5 million.

JB Hi-Fi reports total sales growth was 1.3% but comparable sales were down 0.7%. Sales momentum improved through the first half with positive comparable sales of 1.3% in the second quarter.

Sales were impacted by a market-wide decline in the tablet category.

Online sales for the six months grew 13.5% to $48.7 million, or 2.5% of sales.

CEO Richard Murray said the result was pleasing given the headwinds of a challenging first quarter sales result.

“We executed the key Christmas trading period well, maintaining our price leadership and keeping costs well controlled while investing for future growth in Home, Commercial and Online,” he says.

So far in January this year, sales growth is 8.9%. Murray said January sales and earnings were ahead of the same period last year.

The company expects full financial year sales of about $3.6 billion and net profit to be in the range of $127 million to $131 million.

JB Hi-Fi lifted its interim dividend 7.3% or 4 cents to 59 cents.

The retailer’s shares were trading up more than 4% to $17.47.

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