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JB Hi-Fi Must Be Still Selling A Lot Of Games And Consoles

12 February 2018

The chain, which has successfully moved into whiteware in Australia, has also told the ASX that while it enjoyed a bumper first half, its New Zealand operations were treading water.

On a brighter note, the company's online sales in New Zealand jumped 90 per cent to $4.8m and are now almost 4pc of total sales.

Online sales, in particular, were a particularly strong growth area, surging 40.6 per cent to $119.3 million.

"One JB Hi-Fi store was closed and we have exited whitegoods and rebranded the four stores to JB Hi-Fi" from JB Hi-Fi Home.

In addition, sales from The Good Guys totalled $1.1 billion for the six months to the end of December.

The company lifted its interim dividend 14 cents to 86 cents, fully franked.

On Monday, the Australian electronics retailer said its net profit was up 37 percent to $151 million for the six months ended 31 December 2017, compared with $110 million for the same period a year ago.

While the overall numbers were down in New Zealand, the company says the launch of a new website in August 2017 significantly stimulated NZ online sales, with growth figures of 89.8% to NZD 4.8 million (3.8% of total sales).

Management has controlled The Good Guys for 12 months now, and although it's still early days, the acquisition's performance has underwhelmed compared to JB's Australian segment.

Shares of the company fell as much as 8.5 percent after the news and were down 7.8 percent by 0122 GMT, on track for their biggest daily drop since 2014.

In today's announcements, management also provided a sales update for January and full-year FY2018 guidance.

JB Hi-Fi Must Be Still Selling A Lot Of Games And Consoles