JB Hi-Fi achieves $1.8 billion in sales

Strong performing categories include gaming, computers, DVDs and TVs.

JB Hi-Fi (ASX:JBH) has reported a 42.7 per cent increase in sales over the past financial year, lifting its full-year revenue to $1.8 billion.

The ASX-listed retailer’s net profits were also up 61.1 per cent to $65.1 million for the year to June 30. CEO, Richard Uechtritz, said the strongest performing categories included gaming, computers, DVDs and TVs.

“Games and computers are growing categories and we’re still gaining market share,” he said. “Looking at what the economists are saying, it’s not going to be smooth sailing ahead, but we have come through a very difficult period pretty well.”

The retailer plans to open up an additional 24 stores across Australia and New Zealand over the next 12 months, which will bring its store count up to 129.

“We’ll continue to do what we’ve done for the past few years and concentrate on what we need to do as retailers,” Uechtritz said. “We can’t control things like interest rate hikes, but we can control what types of products we buy and how we price them.”

In June JB Hi-Fi forecast a 58 per cent increase in profit.

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Julia Talevski
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