JB Hi-Fi reports double-digit sales jump in first quarter

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In mid-August, Mr Smart avoided providing a full-year 2023 forecast, saying Australia was entering an “increasingly uncertain retail environment” with budgets increasingly under pressure.

On Thursday, JB reported that the brand’s total sales growth in Australia increased by 14.6%, supported by comparable sales growth of 14.2% from July 1 to September 30. JB had reported in August that its Australian sales were up 9.2% on a like-for-like basis.

A year ago, it was showing negative sales growth given the COVID-19 shutdowns and store closings.

JB New Zealand’s total sales growth jumped 27.7% with comparable sales growth of the same amount, and also against a decline a year ago.

Sales growth for The Good Guys brand increased 12.3% in the first quarter, with same-store sales growth of 12.3%.

Chairman Stephen Goddard told investors the board remained focused on creating long-term shareholder value and reminded the meeting of its strong growth.

Mr. Goddard said that since JB Hi-Fi listed in October 2003, the compound annual growth rate of the share price is 18.5% as of October 26 this year, compared to 3.9% on the ASX 200 index over the same period; the compound annual growth rate of earnings per share is 22%; and the compound annual growth rate of the dividend per share (fully franked) is 23.4%.

In April, JB completed an off-market share buyback of $250 million and that, along with the total dividend, returned $604 million to shareholders.

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