New report sees JB Hi-FI NZ profit before tax decline by 69%

JB Hi-Fi New Zealand has released its latest financial report detailing its finances as of 30th June 2023. The report shows that JB Hi-Fi NZ's total revenue from continuing operations has increased from NZD $262 million in 2022 to NZD $292 million in 2023, an increase of 11.3%. 

Profit before tax for the company, however, saw a significant decrease year-on-year, down from NZD $14 million in 2022 to NZD $4.3 million, a sizeable decline of 69%.

The company's cash and cash equivalents at the 30th June 2023 saw a similar decrease year-over-year, dropping from NZD $12.6 million in 2022 to NZD $8.2 million in 2023, a decrease of 34.8%.

The report also showed that JB Hi-Fi NZ's total assets grew from NZD $68.9 million in 2022 to NZD $84.3 million in 2023, a sizeable increase of 22.3% year-on-year.

JB Hi-Fi NZ's net cash flows from operating activities also saw a drop in the report, from NZD $9.3 million in 2022 to just NZD $5 million in 2023, a significant decrease of 46.5%.

Finally, the total comprehensive income saw an incredible 84.1% decrease from NZD $19.6 million in 2022 to just NZD $3.1 million in 2023.

The audit of JB Hi-Fi New Zealand was performed by the international audit firm Deloitte on behalf of JB Hi-Fi New Zealand's directors Terry Smart and Nick Wells.

This news comes after the company recently opened its South City store off Christchurch's Moorhouse Ave on the 2nd of November.

The new store, in Christchurch's South City Mall, continues JB Hi-Fi's ambitious growth strategy for New Zealand and follows a flurry of store openings and refurbishments throughout the country.

Tim Edwards, Managing Director of JB Hi-Fi New Zealand, says the new Christchurch store will make it easier for Cantabrians to access their favourite tech and entertainment products. "The opening of the South City store is an exciting step for the JB Hi-Fi brand. The resurgence of the South City mall meant the centre felt like a natural progression for a second Christchurch store."

The new store will also bring JB Hi-Fi's fresh store look to the South Island, giving shoppers more to choose from, whether they're looking for a computer, tablet, phone, TV, audio equipment, gaming, home appliance, music or movies.