JB Hi-Fi Loses $2.9 Million in NZ

[FletchNZ]

Woah.

JB Hi-Fi expects to see another year of declining revenues on this side of the Tasman as the ASX-listed discount consumer electronics retailer attempts to drive profitability in its New Zealand unit.

The local division of the Melbourne-based company widened its loss before interest and tax to $2.9 million in the 12 months ended June 30 from an ebit-loss $2.7 million a year earlier. Not only did margins shrink, but revenue dipped 1.1 per cent to $231.5 million with the closure of one store and exit from whiteware goods. JB Hi-Fi closed another unprofitable New Zealand store last month and forecasts revenue of $220 million for the local unit in the 2019 financial year.

But they are making profits in Australia.

While the New Zealand division struggled, JB Hi-Fi's group sales climbed 22 per cent to A$6.9 billion, underpinning a 12 per cent gain in profit to A$233.2 million. The board declared a final dividend of 46 Australian cents per share, taking the annual return to A$1.32, up from A$1.18 a year earlier.

https://www.nzherald.co.nz/business/...ectid=12106136

I hope they don't pull out of NZ altogether or we'll have no retailer with a halfway decent selection.