JB Hi-Fi fares poorly in NZ, hence restructure?

By wares team August 14, 2015 Industry news

A poor year end result follows JB Hi-Fi's recent restructure of its NZ operation.

JB Hi-Fi’s NZ result for the year ended 30 June 2015 (PDF here) shows that there is work to do on this side of the ditch.

Total sales were pretty good at AU$3.65b (+4.87% ) with comparable sales growth +2.9%. And Australian sales were +3.1%, thanks to a strong second half, and the EBIT +5.1%.

NZ sales however were marginally negative (–0.1% to NZ$211.1m) with negative comparable sales –4.5% and the NZ EBIT plummeted –49.5% to $1.6m.

Much emphasis is being placed on the developing JB Hi-Fi Home strategy, following “pleasing results” from the JB Hi-Fi Home refits. Long term, the brand says it “expects most stores to carry home appliances with the range tailored to suit”.

In Australia there will be 5 new JB Hi-Fi Home stores in the next FY and 13 existing stores will be converted, while in NZ just 3 more stores will convert to JB Hi-Fi Home.

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