Australia's largest home entertainment retailer JB Hi-Fi (ASX:JBH) has reported its net profit attributable to shareholders rose to $152 million in the half year ending December 2017.
For HY18, JB Hi-Fi posted a 24.9% increase in EBIT - $225.8 million versus $180.8 million recorded in the same period past year.
The board declared a fully-franked interim dividend of 86 Australian cents per share, payable on March 9 with a February 23 record date. JB Hi-Fi states its fastest-growing categories during the Christmas period include; drones, gaming hardware, audio devices and computer and communication devices.
Online sales for JB Hi-Fi rose 41 percent to A$119.3 million in the six-month period, a fraction of total sales which came in at A$2.48 billion.
Not a great result for New Zealand, however, management will be putting most of its energies into the Australian business and integration of The Good Guys. "One JB Hi-Fi store was closed and we have exited whitegoods and rebranded the four stores to JB Hi-Fi" from JB Hi-Fi Home.
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On these results, JB's Australian segment is continuing to perform strongly, though the same can't be said of The Good Guys and the New Zealand business.
Management has controlled The Good Guys for 12 months now, and although it's still early days, the acquisition's performance has underwhelmed compared to JB's Australian segment.
The company now expects its full-year profit to be in the $235-$240 million range - beating its $172 million result last year.
It now has a total of 311 retail stores across Australia and New Zealand.
"We are pleased with the progress we have made at The Good Guys and are confident about the future opportunities for the Group".