JB Hi-Fi Posts $2.9 Million Loss for NZ, Expects Sales to Continue Shrinking

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JB Hi-Fi expects to see another year of declining revenues on this side of the Tasman as the ASX-listed discount consumer electronics retailer attempts to drive profitability in its New Zealand unit, The New Zealand Herald reported. The local division of the Melbourne-based company widened its loss before interest and tax to $2.9 million in the 12 months ended June 30 from an ebit-loss $2.7 million a year earlier. Not only did margins shrink, but revenue dipped 1.1 per cent to $231.5 million with the closure of one store and exit from whiteware goods. JB Hi-Fi closed another unprofitable New Zealand store last month and forecasts revenue of $220 million for the local unit in the 2019 financial year. "The JB Hi-Fi New Zealand business continues to be repositioned to improve performance, with the exit of whitegoods and rebranding of the four stores to JB Hi-Fi completed in FY18," it said in presentation slides on the ASX. Read more.