JB Hi-fi’s Profits Fall by 20 Percent Amid Cost of Living Crisis

Published on February 12, 2024

Australia’s largest home entertainment retailer reported a drop in sales and profit in its latest half-year results. JB Hi-fi, which also owns The Good Guys, said on Feb. 12 that total group sales had declined by 2.2 percent to $5.15 billion (US$3.36 billion) in the six months compared to the same period in 2022. But the retailer also announced that the result was better than anticipated by analysts, with the share price jumping on Feb. 12, up 4.49 percent to $59.09 (US$38.47). This is a 20 percent increase since the Black Friday period. January sales momentum was also better than expected, up 2.5 percent for JB Hi-Fi Australia, and down 2.2 percent for the Good Guys....

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