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JB Hi-Fi

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JB Hi-Fi
Company typePublic
IndustryRetail
FoundedKeilor East, Victoria, Australia (1974; 50 years ago)
FounderJohn Barbuto
HeadquartersSouthbank, Victoria, Australia
Number of locations
330 (2024)
Area served
Key people
Products
RevenueA$9.59 billion (2024)
A$627.4 million (2024)
A$438.8 million (2024)
Total assetsA$3.486 billion (2024)
Total equity$1.559 billion (2024)
Number of employees
15,000 (2024)
SubsidiariesThe Good Guys
Websitejbhifi.com.au Edit this at Wikidata
Footnotes / references
[1]

JB Hi-Fi Limited is an Australian consumer electronics retail company. It is publicly listed on the Australian Securities Exchange. Its headquarters are located in Southbank, Melbourne, Victoria.[1]

As of June 2024, the company operates 330 stores across Australia and New Zealand including 205 JB Hi-Fi and JB Hi-Fi Home stores in Australia, and 19 JB Hi-Fi stores in New Zealand, in addition to 106 The Good Guys stores in Australia.[2]

History

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1974–2009

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JB Hi-Fi was established in the Melbourne suburb of Keilor East by John Barbuto in 1974, selling music and specialist hi-fi equipment.[3] Barbuto sold the business in 1983 to Richard Bouris, David Rodd and Peter Caserta, who expanded JB Hi-Fi into a chain of ten stores in Melbourne and Sydney turning over $150 million by 2000, when they sold the majority of their holding to private equity. It was subsequently floated on the ASX in October 2003.[4][3]

In July 2004, JB Hi-Fi bought 70% of the Clive Anthonys chain in Queensland.[3] On 13 December 2006, JB Hi-Fi acquired the Hill and Stewart chain of 11 electronics stores selling and operating in New Zealand for NZ$17.5 million (A$15.3 million).[5] JB Hi-Fi later established stores under their own JB Hi-Fi brand in 2007, and closed all Hill and Stewart stores in 2010.[6][7]

2010–2019

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A JB Hi-Fi store at Stockland Rockhampton Shopping Centre, in Rockhampton, Queensland, in 2012

In 2010, there were 10 JB Hi-Fi stores in New Zealand. In 2011, this increased to 13.[8]

On 22 September 2015, a man with Down syndrome was refused entry into a JB Hi-Fi store in Brisbane, Australia, after being confused for another person with the same disability who had been banned from the store. The resulting media attention led CEO Richard Murray to apologise publicly to the family.[9]

On 13 September 2016, JB Hi-Fi announced its acquisition of The Good Guys, for $870 million, the acquisition resulted in JB Hi-Fi group enlarging its share of the Australian home appliances retail market to 29% and growing its share of the consumer electronics retail market to 24%.[10]

In August 2018, JB Hi-Fi was ranked as the equal 7th largest consumer electronics and home appliance retailer in the world.[11]

2020–present

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By 2020 most of JB Hi-Fi's sales had shifted away from software (music CDs, DVDs and video games) to hardware (such as televisions, mobile phones and computers). That year software sales made up only 8% of total sales for the retailer, down from 27% in 2010.[12]

On 28 April 2021, it was announced that Richard Murray, JB Hi-Fi's CEO of seven years, would be leaving his role at the end of August to work alongside trader Solomon Lew at the latter's company Premier Investments. Terry Smart, the head of The Good Guys, was announced as Murray's replacement on the same day.[13]

In December 2023, a class action lawsuit was lodged against the company in which the retailer was accused of offering extended warranties which are alleged to be worthless or of little value, as they "essentially offer Australian consumers the same thing as what they already get for free under the Australian Consumer Law".[14]

In August 2024, JB Hi-Fi announced its intention to acquire a 75% stake in kitchen and bathroom business E&S Trading for $47.8 million.[15]

Corporate affairs

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Financial performance

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For financial year 2022 (1 July 2021 - 30 June 2022) JB Hi-Fi Limited reported sales of AUD$9.23 billion, earnings before interest and taxes (EBIT) of AUD$794.6 million and net profit after tax (NPAT) of AUD$544.9 million.[16]

JB Hi-Fi Financial Performance 2001-2021
JB Hi-Fi Limited[16] AUD Millions AUD Millions
Financial Year Sales EBIT NPAT JB Hi-Fi Financial Performance 2001-2022
2001 $154.9 $5.7 $2.6
JB Hi-Fi Sales 2001-2022
  Sales
JB Hi-Fi Profitability 2001-2022
  Earnings before interest and taxes (EBIT)
  Net profit after tax (NPAT)
JB Hi-Fi Profitability 2001-2022
2002 $248.8 $11.6 $6.2
2003 $355.8 $16.7 $8.6
2004 $452.4 $22.8 $13.8
2005 $639.9 $34.7 $19.5
2006 $945.8 $44.5 $25.8
2007 $1,281.8 $65.5 $40.4
2008 $1,828.6 $102.3 $65.1
2009 $2,327.3 $142.0 $94.4
2010 $2,731.3 $175.1 $118.7
2011 $2,959.3 $196.0 $134.4
2012 $3,127.8 $161.5 $104.6
2013 $3,308.4 $177.8 $116.4
2014 $3,483.8 $191.1 $128.4
2015 $3,625.1 $200.9 $136.5
2016 $3,954.5 $221.2 $152.2
2017 $5,628.0 $290.5 $172.1
2018 $6,854.3 $350.6 $233.2
2019 $7,095.3 $372.9 $249.8
2020 $7,918.9 $483.3 $302.3
2021 $8,916.1 $743.1 $506.1
2022 $9,232.0 $794.6 $544.9

Store count

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As of 30 June 2022 the company operates 199 JB Hi-Fi stores in Australia and 14 JB Hi-Fi stores in New Zealand, in addition to 106 The Good Guys stores in Australia.

JB Hi-Fi Limited Store Count 2001-2022
JB Hi-Fi Limited Store Count 2001-2022[17]
JB Hi-Fi Store Count 2001-2022
  Total Stores
  JB Hi-Fi Australia Stores
  JB Hi-Fi New Zealand Stores
  The Good Guys Stores
  Clive Anthony Stores
  Hill & Stewart Stores
JB Hi-Fi Store Count 2001-2022
Financial Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
JB Hi-Fi Australia 15 21 26 27 42 60 71 85 98 120 139 153 163 169 173 179 185 193 196 195 197 199
JB Hi-Fi New Zealand - - - - - 1 5 8 10 13 13 13 13 14 15 16 15 14 14 14 14
The Good Guys - - - - - - - - - - - - - - - - 102 103 105 105 105 106
Clive Anthonys - - - 5 6 6 6 8 11 11 5 2 1 - - - - - - - - -
Hill & Stewart - - - - - - 11 7 6 - - - - - - - - - - - - -
Total Store Count 15 21 26 32 48 66 89 105 123 141 157 168 177 182 187 194 303 311 315 314 316 319

Branding

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JB Hi-Fi is known for its distinctive hand-drawn instore signage and product reviews written by its employees,[18] some examples of which have gone viral on the internet.[19][20][21] Commentators have noted that the bespoke signage gives customers the impression that the business can keep their prices low compared to competing retailers by not spending money on professional printing.[22]

The image of the retailer has been described as "deliberately laid-back",[12] and the fit out of their stores as "bare bones".[3]

References

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  1. ^ a b Annual Report 2024 (PDF). investors.jbhifi.com.au (Report). 21 August 2024. pp. 34, 57, 58, 59. Retrieved 25 October 2024.
  2. ^ "Appendix 4E and Financial Report 2023 Full Year" (PDF).
  3. ^ a b c d "After years of sky-high sales, can JB Hi-Fi do it again?". Sydney Morning Herald. Retrieved 5 January 2023.
  4. ^ "About Us". JB Hi-Fi. 2002. Archived from the original on 16 February 2007. Retrieved 16 February 2007.
  5. ^ "JB Hi-Fi buys NZ chain for $15m". The Sydney Morning Herald. 12 December 2006. Retrieved 7 July 2017.
  6. ^ "JB boss discusses Hill and Stewart closures in New Zealand". Appliance Retailer. 12 January 2010. Retrieved 9 July 2019.
  7. ^ Slade, Maria (14 January 2010). "Closing time for Hill and Stewart after 60 years". APN News & Media. New Zealand Herald.
  8. ^ Newton, Gary (9 August 2010). "JB Hi-Fi reports loss in NZ but continues to expand". Allied Press. Otago Daily Times.
  9. ^ "JB Hi-Fi sorry for refusing man with Down syndrome entry into Brisbane store". ABC News. 22 September 2015.
  10. ^ "JB Hi-Fi announces Good Guys takeover worth $870m". ABC News. 13 September 2016. Retrieved 9 July 2019.
  11. ^ "How JB Hi-Fi moves up global retail ladder". Appliance Retailer. 20 August 2018. Retrieved 25 August 2018.
  12. ^ a b Mitchell, Sue (14 February 2020). "The (not so) secret to JB Hi-Fi's success". Australian Financial Review. Retrieved 5 January 2023.
  13. ^ Powell, Dominic (28 April 2021). "JB Hi-Fi boss to lead Solomon Lew's Premier Investments". The Sydney Morning Herald. Archived from the original on 28 April 2021. Retrieved 28 April 2021.
  14. ^ Atkin, Michael (11 December 2023). "JB Hi-Fi facing lawsuit over extended warranties allegedly offering the same rights you get for free". ABC News. Retrieved 12 December 2023.
  15. ^ Richards, David (12 August 2024). "JB Hi-Fi's E&S Acquisition Sets In Motion A Big Opportunity, Winnings & Harvey Norman Commercial Facing New Competition". ChannelNews. Retrieved 13 August 2024.
  16. ^ a b "JBH share price and company information for ASX:JBH". Australian Securities Exchange. Retrieved 28 December 2022.
  17. ^ "Annual Reports | JB Hi-Fi Solutions". JB HI-FI INVESTORS. Retrieved 28 December 2022.
  18. ^ Serrel, Mark (10 March 2021). "Confessions Of JB Hi-Fi Reviewers". Kotaku. Retrieved 4 January 2023.
  19. ^ Walker, Alex (17 July 2022). "The Best JB Hi-Fi Reviews". Kotaku. Retrieved 4 January 2023.
  20. ^ Bassi, Isha (3 December 2018). "25 Times JB Hi-Fi Employees Proved They Really Don't Get Paid Enough". Buzzfeed. Retrieved 4 January 2023.
  21. ^ Grixti, Shannon (14 June 2020). "A JB Hi-Fi Store Has Created A Very Questionable The Last Of Us Part II Display". Press Start. Retrieved 4 January 2023.
  22. ^ Murphy, Jason (18 August 2020). "JB Hi-Fi profits: Clever trick retailer used to boost sales". News.com.au. Retrieved 5 January 2023.
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