on air now

Electronic retail giant JB Hi-Fi’s shares drop despite $151 million profit

JB Hi-Fi shares are down 8%, a decent fall considering the company produced a profit right in line with what analysts forecasted.

In fact, it produced a 21% increase in half-yearly profit to $151 million, so why are shares down?

Ross Greenwood speaks with JB Hi-Fi CEO Richard Murray for answers.

“We’re still delivering to our shareholders, but also making sure we’re delivering to our customers.

Online sales grew 40.6% to $119 million, but that only accounts for 4.8% of total sales.

“We think of online for customers who research, over 80% of customers are starting that journey online.

“It’s important because it’s a great research tool for our customers.”

Listen to the full interview below