JB Hi-Fi's acquisition of The Good Guys has propelled the wider group's revenue to $5.6 billion in its first financial year since buying the whitegoods retailer.
Revenue for the group, which includes JB Hi-Fi Australia, JB Hi-Fi New Zealand and The Good Guys, was up 42.3 percent from $3.95 billion for the year ending 30 June 2017. The Good Guys' revenue only grew 0.2 percent for the year, but still managed to bring $1.26 billion in sales for the overall group.
Even without the additional Good Guys revenue, JB Hi-Fi's Australian business remained strong with revenue growing 10.9 percent to $4.1 billion. The New Zealand business was down slightly, with revenue dipping 0.3 percent to $234 million. Net profit for the entire group was up 36.6 percent to $207.7 million.
JB Hi-Fi acquired The Good Guys for $870 million in November last year, expanding its store footprint by 103. The combined group's store footprint now sits at 303. As well as whitegoods, The Good Guys also sells a range of IT hardware and software, such as PCs and laptops from the likes of Apple, Samsung, HP and Lenovo.
JB Hi-Fi was again tight-lipped on its enterprise division, JB Hi-Fi Solutions, other than mentioning that The Good Guys' newly formed commercial division was integrated into the Solutions team. JB Hi-Fi and The Good Guys also merged their supply chain teams.
The company said it expects to reach its synergy target of between $15 million and $20 million resulting from the acquisition in FY19, a year earlier than anticipated.
Group chief executive Richard Murray said: "2017 has been a great year. We are pleased to have delivered record sales and earnings, both on a statutory and underlying basis.
"It has been a particularly strong 18 months for the JB Hi-Fi business in Australia and we are pleased with the recent performance of The Good Guys and excited about the future opportunities for the group."
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