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: