JB Hi-Fi was taking a beating on the ASX after the consumer electronics retail posted a record half year result.
The company also posted net profit after tax (NPAT) figures of $151.7 million, which is up 21% compared to the same period previous year (HY17 came in at $125.4 million).
JB Hi-Fi has increased its interim dividend by 19.4 per cent to 86 cents per share, fully franked.
JB Hi-Fi Australia saw the most significant gains - with sales growing by 10.8% to (AUD) $2.48 billion - while the NZ business saw a minor sales decline of 0.4% to NZD 124.6 million.More news: Year-old Redmond Gerard grabs first gold for U.S. in slopestyle final
JB Hi-Fi added that sales from its appliances chain, The Good Guys, which it bought in 2016, grew just 1.8 percent on a comparable store basis in the six-month period. The Good Guys in particular is a concern, as the division contributed 30% to total group sales for the period.
Australian electronics retailer JB Hi-Fi Ltd said half-yearly net profit rose 37 percent as the firm successfully protected its turf in an intensifying online retailing war in its key market.
The Good Guys business unit saw growth in categories including seasonal products, cooking, communications, visual and dishwashers. The segment only contributed 3.4% of total sales for the period.
The company's 15 New Zealand stores are a small part to the Australian group's 311 JB Hi-Fi and Good Guys retail outlets.More news: Here's everything awesome from Paul Pierce's jersey retirement ceremony
However, there was some weakness in the company's results - particularly from its New Zealand business.
Performance of JB's New Zealand business was less pleasing.
In today's announcements, management also provided a sales update for January and full-year FY2018 guidance.More news: Pratt & Whitney engine issue could ground some planes
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