New Zealand remains a weak spot for JB Hi-Fi, with sales dropping 0.4%, however, lifting 2.4% for The Good Guys NZ. While comparable sales rose 8.7%, total sales, earnings and gross margin deteriorated on the previous corresponding period.
But when the costs of The Good Guys acquisition (incurred in the previous half-year period) are included, its statutory profit increased by 37.4 per cent.
JB Hi-Fi closed one of its New Zealand stores in the six months ended December 31, while opening seven new stores in Australia.
Consumer electronics retailers have faced skinnier margins as vendors cope with cheap imports and accelerating obsolescence. The segment only contributed 3.4% of total sales for the period.
JB Hi-Fi has brushed off the pre-Christmas arrival of Amazon in Australia to post a 21 per cent jump in profit for the first half of the financial year, but disappointed investors with a lower than expected outlook for the rest of the year.
The company now expects its full-year profit to be in the $235-$240 million range - beating its $172 million result last year.
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