JB Hi-Fi NZ annual earnings drop 50pct
JB Hi-Fi's New Zealand annual earnings have halved as the Australian discount consumer electronics retailer's margins shrank and sales were little changed.
New Zealand earnings before interest and tax dropped to $1.6 million in the 12 months ended June 30 from $3.1M a year earlier, with sales edging down 0.1 percent to $211.4M, the Melbourne-based company said in a statement.
The New Zealand unit's performance lagged behind the wider group, which reported net profit rose 6.4 percent to AU$136.5M (NZ$153.1M) on a 4.8 percent increase in sales to AU$3.65 billion.
JB Hi-Fi is still expanding in New Zealand, where it has 14 stores compared to 173 in Australia. It plans to open six new sites in 2016, one of which will be in New Zealand.