This ASX 200 stock delivered a remarkable growth in the retail sector last year. In the tough retail environment, its brands continued to be sought, strongly driven by the trust customers have in its low-price best value proposition.
JB Hi-Fi Limited (ASX: JBH)
JB Hi-Fi Limited delivered a robust performance for the financial year ending 30 June 2024 (FY24), demonstrating its resilience in a challenging retail environment. With value-conscious consumers driving demand, the Group maintained solid sales across its core categories, reflecting strong customer trust in its low-price, best-value proposition. The Group attributes this success to its team of over 15,000 employees across Australia and New Zealand, who remain a key competitive advantage. JBH continues to position itself as an employer of choice, fostering a diverse, inclusive, and safe workplace that supports the attraction and retention of high-caliber talent. The Group operates three leading retail brands: JB Hi-Fi, specializing in Technology and Consumer Electronics; The Good Guys, focused on Home Appliances and Consumer Electronics; and e&s, which joined the portfolio in September 2024, targeting premium Home Appliances and Bathroom categories. Underpinned by scale, a low-cost operating model, multichannel capability, and a people-driven culture, JBH’s multi-brand strategy ensures resilience and adaptability. Controlled innovation remains central to the Group’s approach, with a focus on product diversification, enhanced merchandising, improved supply chain operations, and digital expansion to meet evolving customer needs.
Key achievements in FY24 included progress in gender diversity, with more women appointed to leadership roles at the Board, Senior Management, and Store Management levels. A new woman in leadership program was launched in Australia and New Zealand, further strengthening the Group’s commitment to inclusion. Safety initiatives were expanded, covering mental health, psychosocial hazards, and aggressive customer training programs. Sustainability efforts included solar installations in seven additional stores, bringing the total to 30, and the addition of “Green Power” to the energy mix as part of the Group’s target of achieving net-zero carbon emissions (scope 1 and 2) by 2030. JBH also completed the rollout of battery, mobile phone, and small e-waste recycling kiosks across JB Hi-Fi Australia and The Good Guys stores. Workplace giving donations reached $4.2 million for FY24, with $39.9 million donated since the program’s inception. The Group maintained strong sales momentum in Q1 FY25 (1 July to 30 September 2024). JB Hi-Fi Australia recorded total sales growth of 4.9%, with comparable sales up 5.0%, while JB Hi-Fi New Zealand delivered 19.6% total sales growth and 2.7% comparable growth. The Good Guys achieved 5.3% total sales growth, with comparable sales also up 5.0%. Furthermore, e&s delivered encouraging September results, positioning the Group for a strong Q2 trading period. With a proven ability to adapt and innovate while leveraging its operational scale and customer trust, JB Hi-Fi is well-positioned for continued growth in FY25.
Source: Company’s Report
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