JB Hi-Fi profits up 45 per cent for FY09
- 11 August, 2009 13:14
- Comments 2
ASX-listed retailer, JB Hi-Fi (ASX:JBH) has posted record profits of $94.4 million for an increase of 45 per cent over the full financial year to June 30.
A strong June trading period pushed the result higher than the retailer’s guidance in June of $92 million and was supported by sales growth in all categories including games, computers, and DVDs.
In a statement the retailer said gross margins were also strong, hitting 21.6 per cent.
“Once again this is a very pleasing result during what is considered a sustained, generally weak retail climate,” JB Hi-Fi CEO, Richard Uechtritz, said in the statement.
The retailer operates 123 stores (109 in Australia and 14 in New Zealand) but will expand with another 18 in the new financial year with a view to reaching 210 in future.
The full year results cap off a strong year for JB Hi-Fi with the Federal Government’s stimulus package alleviating some of the pressure of the tough economic conditions.
However, other retailers have not been so lucky with Strathfield slipping into voluntary administration before being rescued and Harvey Norman deciding to close its OFIS chain.
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Comments
Joel
1
Amazing Result
They continue to out-perform all the other bricks & mortar retailers by a long shot. What are they doing right?
Jack Tar
2
Cost.
Well I know for many things they do not charge the inflated prices for much of their stock that other shops do.
I go to the JB Hifi at The Galerries, Victoria in Town Hall Sydney because they tend to charge a good $20 less, at the very least on almost all their games new or otherwise than the EB games three shops down.
Granted from what I am told they have staff on board who are passionate about the subject and the managers supposedly actually listen to their suggestions on the topic.
Either way, friendly staff who look like they actually know about the products in their section ( be it due to study or an actual passion ), low price ( for games and my latest sony mp4 at least ) and ease of locality are the reasons why I tend to shop there.
Ah and just thought up another one.
The diverse stock in the games, music and DVDs. It may not be a small sub section of red eye or central station, but damn if they don't try hard to have a little something for everyone.