JB Hi-Fi Limited (ASX: JBH) has reported a robust set of half-year results for the six months ending 31 December 2024 (HY25), with strong sales growth across all segments despite ongoing competitive pressures in the retail sector.
Key Financial Highlights
- Total sales increased by 9.8% to $5.67 billion
- Earnings before interest and tax (EBIT) rose 8.6% to $419.9 million
- Net profit after tax (NPAT) grew 8.0% to $285.4 million
- Earnings per share (EPS) increased 8.0% to 261.1 cents per share (cps)
- Interim dividend declared at 170.0 cps, up 7.6%
- Acquisition of 75% stake in e&s completed
Group CEO Terry Smart acknowledged the solid performance, highlighting the company’s focus on customer service, value-driven offerings, and promotional success as key contributors to the result.
Segment Breakdown
JB Hi-Fi Australia
- Total sales: $3.88 billion (+7.2%)
- Comparable sales: +7.2%
- EBIT: $316.5 million (+7.5%)
- Online sales: $682.7 million (+16.4%), representing 17.6% of total sales
- Key growth categories: Mobile Phones, Small Appliances, Computers, Televisions, and Cameras
Despite a slight dip in gross margin (down 17 bps to 21.8%), cost discipline and efficiency improvements helped maintain strong EBIT growth.
JB Hi-Fi New Zealand
- Total sales: NZD 202.5 million (+20.0%)
- Comparable sales: +6.9%
- EBIT: NZD 2.2 million (up NZD 2.7 million)
- Online sales: NZD 32.4 million (+58.4%), accounting for 16.0% of total sales
- Key growth categories: Mobile Phones, Computers, Cameras, Audio, and Small Appliances
New Zealand saw significant online sales growth and an improvement in gross margin, benefiting from operational efficiencies and cost control.
The Good Guys
- Total sales: $1.52 billion (+9.2%)
- Comparable sales: +8.8%
- EBIT: $99.5 million (+7.5%)
- Online sales: $233.3 million (+8.9%), making up 15.4% of total sales
- Key growth categories: Floorcare, Televisions, Portable Appliances, Cooking, and Refrigeration
While gross margin dipped slightly due to heightened competition, increased store traffic drove EBIT growth.
e&s (New Acquisition)
- Total sales: $92.3 million (+7.6%)
- Comparable sales: +7.2%
- EBIT: $1.9 million, in line with expectations
The premium home appliance retailer contributed solidly to overall results, particularly through its Commercial division.
Capital Management & Dividend Increase
JB Hi-Fi remains in a strong financial position, with net cash of $555.1 million as of 31 December 2024. The Board declared an interim dividend of 170 cps, up 7.6%, representing 65% of NPAT.
- Record date: 21 February 2025
- Payment date: 7 March 2025
The company reaffirmed its commitment to maintaining balance sheet strength while continuing to maximize returns to shareholders.
January 2025 Trading Update: Strong Start to H2
Sales momentum continued into January 2025, with positive growth across all segments:
- JB Hi-Fi Australia: +7.4% (Jan 2024: +2.5%)
- JB Hi-Fi New Zealand: +20.4% (Jan 2024: +8.2%)
- The Good Guys: +6.4% (Jan 2024: -2.2%)
- e&s: +8.1%
While CEO Terry Smart remains cautious about the retail outlook, he emphasized the company’s ability to adapt and innovate to maintain its competitive edge.
Sustainability & Long-Term Growth Focus
JB Hi-Fi remains committed to sustainable growth through:
- Employee support: Fostering an inclusive and flexible workplace
- Community impact: Supporting local communities and protecting human rights in supply chains
- Environmental responsibility: Reducing waste, energy consumption, and emissions
Final Thoughts
JB Hi-Fi has delivered another strong result, demonstrating resilience in a competitive retail environment. With continued sales growth, disciplined cost management, and shareholder returns, the company remains well-positioned for the remainder of FY25.
Investors will now watch consumer spending trends and competitive pressures closely as JB Hi-Fi navigates the evolving retail landscape.
