JB Hi-Fi shrugs off the retail crunch to post record sales of $5.6 billion

Scott Barbour/Getty Images

Consumer electronics retailer JB Hi-Fi has again defied the retail slowdown, posting a 13.2% rise in full year net profit of $172.4 million as revenue jumped 42% to a record $5.62 billion.

In Australia, total sales grew by 10.9% to $4.15 billion, with comparable sales up 8.6%.

For the whitegoods retailer The Good Guys, acquired in November, total sales were up 0.2% to $1.26 billion with comparable sales down 1.3%.

“2017 has been a great year. We are pleased to have delivered record sales and earnings, both on a statutory and underlying basis,” says CEO Richard Murray.

“It has been a particularly strong 18 months for the JB HI-FI business in Australia and we are pleased with the recent performance of The Good Guys and excited about the future opportunities for the group.”

The company declared a fully franked dividend of 18 cents a share, bringing the full year payout to 118 cents.

In July, sales growth for JB Hi-Fi was 8.8% with comparable sales growth of 5.8%.

In 2018, the company expects to open five JB Hi-Fi stores and continue to monitor opportunities for its newly acquired The Good Guys stores. The company currently has 303 stores in Australia and New Zealand.

JB Hi-Fi expects total group sales to be about $6.8 billion in 2018.

The 2017 numbers:

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