Credit: JB Hi-Fi
JB Hi-Fi has seen its net profit take a hit from $545 million down to $525 million in FY23, while earnings before tax (EBIT) also shrunk 3.2 per cent to $769 million.
Sales were up 4.3 per cent to A$9.63 billion for the financial year and inventory was A$1.04 billion.
JB Hi-Fi group CEO Terry Smart said it was a challenging retail environment but remained optimistic in its growing market share.
"We remained top of mind for shoppers and grew our market share by continuing to drive our value offering, leveraging the strength of our multichannel offer and maintaining our high levels of customer service,” Smart said.
In Australia, total sales increased 5.6 per cent to A$6.5 billion with key growth categories including communications, audio, accessories, games hardware and services. EBIT was up 1.3 per cent to A$551.9 million.
Online sales declined 20.9 per cent to A$940 million.
In New Zealand, total sales were up 11.3 per cent to NZ$292.1 million with key categories including communications, audio, games hardware, fitness and accessories.
Online sales also took a dive of 25.7 per cent to NZ$32.1 million and EBIT was down 49.9 per cent to NZ$4.4 million.
"As always, we are thankful to our over 14,500 team members whose continued focus on delivering value and maintaining our high levels of customer service will ensure the long-term sustainability of the business," Smart added.
