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

Scott Barbour  Getty Images

Scott Barbour Getty Images

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.

The figures incorporate financial performances of the companies three main business units, including JB Hi-Fi Australia, JB Hi-Fi New Zealand and The Good Guys.

Total sales in New Zealand dropped 0.4 per cent to $115.5 million ($NZ124.6 million).

JB Hi-Fi added that sales from its appliances chain, The Good Guys, which it bought in 2016, grew just 1.8 percent on a comparable store basis in the six-month period.

On these results, JB's Australian segment is continuing to perform strongly, though the same can't be said of The Good Guys and the New Zealand business.

"We are pleased with the progress we have made at The Good Guys and are confident about the future opportunities for the Group".

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It noted key growth categories of communications, computers, audio, drones and games hardware. The segment only contributed 3.4% of total sales for the period.

"It was pleasing to see sales growth in The Good Guys throughout the half whilst we continued to take a considered and deliberate approach to change", he says.

The discount retailer signalled the shift for the New Zealand division past year, taking an A$15.8 million impairment charge on the business after reviewing the unit and deciding on a way to revive sales and fatten margins.

It now has a total of 311 retail stores across Australia and New Zealand.

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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