Highlights:
- JB Hi-Fi Ltd (ASX:JBH) achieved $9.59 billion in sales for FY 2024, with a net profit after tax of $438.8 million and earnings before interest and tax of $647.2 million.
- The company saw a 1% increase in Australian sales to $6.61 billion and a 12.3% rise in New Zealand sales to NZ$327.9 million.
- JB Hi-Fi announced plans to acquire E. & S. Trading Co. Pty. Ltd, with an initial 75% acquisition for $47.8 million and an option to purchase the remaining 25% by September 2029.
JB Hi-Fi Ltd (ASX:JBH) Reports $9.59 Billion Sales for FY 2024; Announces Acquisition of E. & S. Trading Co. Pty. Ltd
JB Hi-Fi Ltd (ASX:JBH) has announced solid financial results for the 2024 Financial Year, achieving sales of $9.59 billion despite a challenging retail environment. The company also revealed plans to expand into the home products market through an acquisition.
For FY 2024, JB Hi-Fi reported a net profit after tax (NPAT) of $438.8 million and earnings before interest and tax (EBIT) of $647.2 million. In Australia, sales increased by 1% to $6.61 billion, driven by strong demand for technology and consumer electronics, as well as successful sales events.
In New Zealand, sales rose by 12.3% to NZ$327.9 million, with significant growth in mobile phones, audio, games hardware, IT, and small appliances.
Group CEO Terry Smart highlighted the company’s resilience in a tough retail climate, noting the strong customer trust in JB Hi-Fi’s value proposition.
Additionally, JB Hi-Fi announced plans to acquire E. & S. Trading Co. Pty. Ltd, a well-established retailer of kitchen, bathroom, and laundry goods based primarily in Victoria. The acquisition will be executed in two stages: JB Hi-Fi will initially acquire 75% of E. & S. for $47.8 million, with an option to purchase the remaining 25% in September 2029. E. & S. Trading Co. reported FY24 revenue of around $230 million.