Electronics retailer JB Hi-Fi declares special dividend, profit beats consensus

JB Hi-Fi

12/08/2024 24:42

Aug 12 (Reuters) - Australian consumer electronics
retailer JB Hi-Fi  JBH.AX  announced a special dividend on
Monday citing a strong net cash position and reported
better-than-expected full-year 2024 results.
    JB Hi-Fi announced a special dividend of 80 Australian cents
apiece on top of the final dividend of A$1.03 apiece, taking the
fiscal 2024 payout ratio to 65% of post-tax net profit.
    "As a result of the group's continued strong financial
performance and cashflow generation, the group has an elevated
net cash position and a significant franking credit balance,"
the electronics retailer said in an exchange filing.
    Net profit after tax for the year ended June 30 came in at
A$438.8 million ($288.2 million), above Visible Alpha consensus
of A$423.1 million. However, it was below the prior year's
earnings of A$524.6 million.
    Sales for the year were largely unchanged at A$9.59 billion
and beat consensus estimates by a narrow margin.
    Consumer sentiment has been under pressure for the past two
years as decade-high interest rates and sticky inflation prompt
households to cut discretionary spending.
    The consumer electronics giant in a separate filing
announced the acquisition of white goods retailer e&s Trading
for an initial cost of A$47.8 million for a 75% stake.
    There is a put and call option arrangement in place for the
acquisition of the remainder stake in September 2029, JB Hi-Fi
added.
    

 (Reporting by Sameer Manekar and Sherin Sunny in Bengaluru;
Editing by Stephen Coates)
 ((Sameer.Manekar@thomsonreuters.com;
Sherin.Sunny@thomsonreuters.com;))