says consumers have shrugged off the burden of higher interest rates on their home loans and spent up big on electronics and home appliances during the December half year, propelling the retailer to record revenue and earnings.
Group sales gained 8.6 per cent to $5.3 billion in the six months to December 31 – topping consensus for 6.2 per cent growth. Online sales reached $752.1 million, about 14.2 per cent of total sales. Continued sales growth, combined with improved gross margins, resulted in strong earnings before interest and tax growth of 14 per cent to $479.2 million. Earnings would have been stronger were it not for JB NZ, where earning fell 26.5 per cent.Net profit after tax for the December half is tipped to be up 14.6 per cent to $329.9 million compared with $287.9 million a year ago.
“Our relentless focus on providing the best value and high levels of customer service every day, both in store and online, continues to resonate with our customers.” he said.“As always, a key part of our continued success is our over 13,000 team members and their passion and dedication to looking after our customers’ needs. I would again like to thank them for delivering this outstanding result.