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Business Description: JB Hi-Fi Limited (JBH) is a specialty discount retailer of branded home entertainment products. The Group's products particularly focus on consumer electronics, electrical goods and software including music, games and movies. The company primarily operates from stand alone destination sites and shopping centre locations in Australia and New Zealand.
Strategy Analysis: Growth is driven by a store rollout program which adds around 13-15 sites per year with a long term goal of 214 national stores. The product mix is constantly revised to ensure competitiveness. JBH´s reluctance to take on the new devices illustrates strict product selection. Margin gains derive from scale benefits which reduce the cost of doing business. Diversification into New Zealand is still in its early stage and is not likely to contribute in a meaningful way in the near term.
JB Hi-Fi reported NPAT up 3.04% to $82.06m for the half-year ended 31 December 2012. Revenues from ordinary activities were $1.82bn, up 2.34% from the same period last year. Diluted EPS was 83.01 cents compared to 80.49 cents last year. Net operating cash flow was $113.45m compared to $215.91m last year. The interim dividend declared was 50 cents compared with 49 cents last year.
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