- JB Hi-Fi (ASX: JBH) has had a record in sales and earnings of over $170 million in the first half of the 2020 financial year
- The electronics retailer attributes this to a strong Christmas period
- The company’s total sales grew to $4 billion, which is up 3.9 per cent compared to this time last year
- Shareholders are also winning, receiving a dividend of 99 cents per share, up from 91 cents
- Additionally, company Chairman Greg Richards has retired and Stephen Goddard will take his place
- JB Hi-Fi is up 11.5 per cent and selling shares for $44.71 apiece
Electronics retailer, JB Hi-Fi (ASX: JBH) has had a record in sales and earnings of $170.6 million in the first half of the 2020 financial year.
The company attributes these results to a strong Christmas period.
JB Hi-Fi’s total sales grew to $4 billion, which is a 3.9 per cent gain since this time last year.
Shareholders are also winning, receiving a dividend of 99 cents per share, up from 91 cents.
Even though fewer people are buying physical copies of movies, music and games across the retail stores, the business is finding sales through the internet.
JB Hi-Fi’s subsidiary, The Good Guys, also experienced a 1.5 per cent sales growth to $1.15 billion. The Good Guys claims its strong points were dishwashers, floor care items, cooking, communications and computers.
Online sales for The Good Guys were up 12.6 per cent, reaching $79.6 million, which represents 6.9 per cent of the total sales.
“We are pleased to report record sales and earnings in the first half, with JB Hi-Fi Australia and The Good Guys recording strong earnings growth,” CEO Richard Murray said.
“I would like to thank the over 12,000 team members across Australia and New Zealand whose hard work and continued focus on our customers delivered this result,” he added.
The company also announced its Chairman Greg Richards has retired and Stephen Goddard will be the new Chairman.
Greg has been a director of the company since December 2007 and Chairman since May 2012.
“It has been a privilege to have been involved with JB Hi-Fi and The Good Guys, their people and their culture,” Greg told the market.
“I believe the company is well placed for the future and I have great confidence in Stephen taking over as Chairman,” he added.
Stephen has more than 30 years experience with some of Australia’s best- known retailers such as David Jones, Officeworks and Myer.
“I am very much looking forward to taking on the role of Chairman and continuing Greg’s good work,” Stephen said.
JB Hi-Fi is up 11.5 per cent this afternoon and selling shares for $44.71 apiece at market close.