JB Hi-Fi Just Had Its Best Six Months Ever

JB Hi-Fi Just Had Its Best Six Months Ever

JB Hi-Fi, the bright yellow retailer and a favourite for anyone buying games and games hardware in Australia, absolutely smashed the first six months of their 2021-22 financial year thanks to a huge surge in games sales, games hardware and computers.

The company announced their half-year results for 2021-22 to the Australian Stock Exchange this morning, and as expected over the Christmas break, it was an absolute belter. The company’s total sales jumped by 23.3 per cent to $3.36 billion, with online sales growing by over 200 per cent. Online now makes up more than 15 per cent of JB Hi-Fi’s business in Australia, and 11.3 per cent of JB’s total sales in New Zealand.

If you include The Good Guys — which also returned $1.45 billion in sales for the half-year, helped by growth in computer and TVs — JB’s total sales was $4.9 billion, a 23.7 per cent jump from the previous period.

“The Group did not receive any government wage subsidies and continued to pay team members and landlords throughout the half, including the periods where stores were temporarily closed,” JB added.

The one sour note amongst the figures was a continued downturn in movie sales, undoubtedly impacted by the growth of streaming platforms but also the lack of retail sales from various lockdowns and more Australians staying at home over the last six months. JB reported a 5.6 per cent drop in software sales for the period, although they noted that “growth in Games Software and Music” cushioned some of the blow.

Games hardware was also strong, although JB’s presentation didn’t address any issues with the lack of supply around the Xbox Series X or PS5. Still, the company’s Hardware and Services unit grew by 25.8 per cent, with small appliances, games hardware, computers, visual, and the communications categories all reporting growth.

One interesting note for the future was a note about the company’s focus for the next six months. JB’s presentation said they would continue to expand their Pop Culture offering, while investing future to improve their ecommerce platform and back of house operations.

jb hifi
Image: ASX (JB Hi-Fi)




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