JB Hi-Fi
{{Short description|Australian consumer electronics retail company}}
{{Use dmy dates|date=May 2021}}
{{Use Australian English|date=August 2011}}
{{Infobox company
| name = JB Hi-Fi
| logo = JB-Hi-Fi-brand.svg
| type = Public
| traded_as = {{ubl|{{ASX|JBH}}|S&P/ASX 200 component}}
| industry = Retail
| foundation = Keilor East, Victoria, Australia (1974; {{years ago|1974}} years ago)
| founder = John Barbuto
| location = Southbank, Victoria, Australia
| locations = 330
| num_locations_year = 2024
| area_served = {{Unbulleted list|Australia|New Zealand}}
| key_people = {{hlist|Stephen Goddard (Chairman)|Terry Smart (CEO)}}
| products = {{hlist|Consumer electronics}}
| revenue = A$9.59 billion
| revenue_year = 2024
| operating_income = A$627.4 million
| income_year = 2024
| net_income = A$438.8 million
| net_income_year = 2024
| assets = A$3.486 billion
| assets_year = 2024
| equity = $1.559 billion
| equity_year = 2024
| subsid = The Good Guys
| num_employees = 15,000
| num_employees_year = 2024
| homepage = {{Official URL}}
}}
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.{{cite report |title=Annual Report 2024 |date=21 August 2024 |url=http://investors.jbhifi.com.au/wp-content/uploads/2024/09/JB_Hi-Fi_Annual_Report_2024_-Final.pdf |website=investors.jbhifi.com.au |access-date=25 October 2024 |pages=34, 57, 58, 59}}
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.{{Cite web |title=Appendix 4E and Financial Report 2023 Full Year |url=https://investors.jbhifi.com.au/wp-content/uploads/2023/08/4E_140823.pdf}}
History
= 1974–2009 =
JB Hi-Fi was established in the Melbourne suburb of Keilor East by John Barbuto in 1974, selling music and specialist hi-fi equipment.{{cite web |url=https://www.smh.com.au/money/investing/after-years-of-sky-high-sales-can-jb-hi-fi-do-it-again-20221115-p5byf5.html |title=After years of sky-high sales, can JB Hi-Fi do it again? |publisher=Sydney Morning Herald |access-date=5 January 2023}} 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.{{cite web |url=http://www.jbhifi.com.au/aboutus/index.php |publisher=JB Hi-Fi |title=About Us |year=2002 |access-date=16 February 2007 |archive-url=https://web.archive.org/web/20070216204802/http://www.jbhifi.com.au/aboutus/index.php |archive-date=16 February 2007 |url-status=dead}}
In July 2004, JB Hi-Fi bought 70% of the Clive Anthonys chain in Queensland. 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).{{cite web |url=http://www.smh.com.au/news/Business/JB-HiFi-to-buy-NZs-Hill-and-Stewart/2006/12/12/1165685652990.html |title=JB Hi-Fi buys NZ chain for $15m |work=The Sydney Morning Herald |date=12 December 2006 |access-date=7 July 2017}} JB Hi-Fi later established stores under their own JB Hi-Fi brand in 2007, and closed all Hill and Stewart stores in 2010.{{cite web |url=https://www.applianceretailer.com.au/2010/01/aqqqcdront/ |title=JB boss discusses Hill and Stewart closures in New Zealand |work=Appliance Retailer |date=12 January 2010 |access-date=9 July 2019 }}{{cite news |last1=Slade |first1=Maria |title=Closing time for Hill and Stewart after 60 years |url=https://www.nzherald.co.nz/business/closing-time-for-hill-and-stewart-after-60-years/OXNXM5TDKF4M5BBZNENCY34AH4/ |agency=New Zealand Herald |publisher=APN News & Media |date=14 January 2010}}
= 2010–2019 =
File:A JB Hi-Fi store in Stockland Rockhampton Shopping centre, Rockhampton, Queensland.jpg, in Rockhampton, Queensland, in 2012]]
In 2010, there were 10 JB Hi-Fi stores in New Zealand. In 2011, this increased to 13.{{cite news |last1=Newton |first1=Gary |title=JB Hi-Fi reports loss in NZ but continues to expand |url=https://www.odt.co.nz/business/jb-hi-fi-reports-loss-nz-continues-expand |agency=Otago Daily Times |publisher=Allied Press |date=9 August 2010}}
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.{{cite web |url=https://www.abc.net.au/news/2015-09-22/jb-hi-fi-sorry-for-refusing-man-with-down-syndrome-entry/6795128/ |title=JB Hi-Fi sorry for refusing man with Down syndrome entry into Brisbane store |work=ABC News |date=22 September 2015}}
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%.{{cite web |url=https://www.abc.net.au/news/2016-09-13/jb-hi-fi-announces-870m-good-guys-takeover/7837922/ |title=JB Hi-Fi announces Good Guys takeover worth $870m |work=ABC News |date=13 September 2016 |access-date=9 July 2019 }}
In August 2018, JB Hi-Fi was ranked as the equal 7th largest consumer electronics and home appliance retailer in the world.{{cite web |url=https://www.applianceretailer.com.au/2018/08/how-jb-hi-fi-moves-up-global-retail-ladder/ |title=How JB Hi-Fi moves up global retail ladder |work=Appliance Retailer |date=20 August 2018 |access-date=25 August 2018 }}
= 2020–present =
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.
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.{{cite web |url=https://www.smh.com.au/business/companies/jb-hi-fi-boss-to-lead-solomon-lew-s-premier-investments-20210428-p57mzv.html |title=JB Hi-Fi boss to lead Solomon Lew's Premier Investments |work=The Sydney Morning Herald |date=28 April 2021 |access-date=28 April 2021 |author=Powell, Dominic |archive-url=https://web.archive.org/web/20210428130601/https://www.smh.com.au/business/companies/jb-hi-fi-boss-to-lead-solomon-lew-s-premier-investments-20210428-p57mzv.html |archive-date=28 April 2021 |url-status=live}}
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".{{cite web |url=https://www.abc.net.au/news/2023-12-11/jb-hifi-extended-warranty-consumer-rights-class-action/103205300 |title=JB Hi-Fi facing lawsuit over extended warranties allegedly offering the same rights you get for free |work=ABC News |date=11 December 2023 |access-date=12 December 2023|author=Atkin, Michael}}
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.{{Cite web |last=Richards |first=David |date=2024-08-12 |title=JB Hi-Fi’s E&S Acquisition Sets In Motion A Big Opportunity, Winnings & Harvey Norman Commercial Facing New Competition |url=https://www.channelnews.com.au/jb-hi-fis-es-aquisition-sets-in-motion-a-big-oppertunity-winnings-harvey-norman-commercial-facing-new-competition/ |access-date=2024-08-13 |website=ChannelNews |language=en-US}}
Corporate affairs
= Financial performance =
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.
| class="wikitable mw-collapsible" style="text-align: right;"
|+JB Hi-Fi Financial Performance 2001-2021 ! colspan="3" |AUD Millions !AUD Millions |
| Financial Year
!Sales !EBIT !NPAT !JB Hi-Fi Financial Performance 2001-2022 |
|---|
| 2001
|$154.9 |$5.7 |$2.6 ! rowspan="22" |{{Image frame | caption=JB Hi-Fi Profitability 2001-2022 | align=left | content = {{hidden|JB Hi-Fi Sales 2001-2022| {{Graph:Chart | width=600 | height=250 | xAxisTitle=Financial Year | yAxisTitle=Sales (Millions AUD) | colors=red | type=line | x=2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022 | y1=154.9,248.8,355.8,452.4,639.9,945.8,1281.8,1828.6,2327.3,2731.3,2959.3,3127.8,3308.4,3483.8,3625.1,3954.5,5628,6854.3,7095.3,7918.9,8916.1,9232 }} {{legend|red|Sales}} |expanded=on }} {{hidden|JB Hi-Fi Profitability 2001-2022| {{Graph:Chart | width=600 | height=250 | xAxisTitle=Financial Year | yAxisTitle=Operating Income (Millions AUD) | colors=yellow,black | type=line | x=2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022 | y1=5.7,11.6,16.7,22.8,34.7,44.5,65.5,102.3,142,175.1,196,161.5,177.8,191.1,200.9,221.2,290.5,350.6,372.9,483.3,743.1,794.6 | y2=2.6,6.2,8.6,13.8,19.5,25.8,40.4,65.1,94.4,118.7,134.4,104.6,116.4,128.4,136.5,152.2,172.1,233.2,249.8,302.3,506.1,544.9 }} {{legend|yellow|Earnings before interest and taxes (EBIT)}} {{legend|black|Net profit after tax (NPAT)}} |expanded=on }} }} |
| 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 =
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.
| class="wikitable mw-collapsible" style="text-align: right;"
|+JB Hi-Fi Limited Store Count 2001-2022 ! colspan="23" |JB Hi-Fi Limited Store Count 2001-2022{{Cite web |title=Annual Reports {{!}} JB Hi-Fi Solutions |url=https://investors.jbhifi.com.au/annual-reports/ |access-date=2022-12-28 |website=JB HI-FI INVESTORS |language=en-US}} |
| colspan="23" |{{Image frame
| caption=JB Hi-Fi Store Count 2001-2022 | align=left | content = {{hidden|JB Hi-Fi Store Count 2001-2022| {{Graph:Chart | width=600 | height=250 | yAxisMin = 0 | xAxisTitle=Year | yAxisTitle=Stores | colors=red,yellow,black,blue,purple,turquoise | type=line | x=2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016,2017,2018,2019,2020,2021,2022 | y1=15,21,26,32,48,66,89,105,123,141,157,168,177,182,187,194,303,311,315,314,316,319 | y2=15,21,26,27,42,60,71,85,98,120,139,153,163,169,173,179,185,193,196,195,197,199 | y3=,,,,,,1,5,8,10,13,13,13,13,14,15,16,15,14,14,14,14 | y4=,,,,,,,,,,,,,,,,102,103,105,105,105,106 | y5=,,,5,6,6,6,8,11,11,5,2,1,0,,,,,,,, | y6=,,,,,,11,7,6,0,,,,,,,,,,,, }} {{legend|red|Total Stores}} {{legend|yellow|JB Hi-Fi Australia Stores}} {{legend|black|JB Hi-Fi New Zealand Stores}} {{legend|blue|The Good Guys Stores}} {{legend|purple|Clive Anthony Stores}} {{legend|turquoise|Hill & Stewart Stores}} |expanded=on }} }} |
|---|
| 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 for the birds dvd |21 for the birds dvd |26 for the birds dvd |27 for the birds dvd |42 for the birds dvd |60 for the birds dvd |71 for the birds dvd |85 for the birds dvd |98 for the birds dvd |120 for the birds dvd |139 for the birds dvd |153 for the birds dvd |163 for the birds dvd |169 for the birds dvd |173 for the birds dvd |179 for the birds dvd |185 for the birds dvd |193 for the birds dvd |196 |195 for the birds dvd |197 for the birds dvd |199 for the birds |
| JB Hi-Fi lakeside Joondalup
|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
JB Hi-Fi is known for its distinctive hand-drawn instore signage and product reviews written by its employees,{{cite web |url=https://www.kotaku.com.au/2021/03/confessions-of-jb-hi-fi-reviewers/ |archive-url=https://web.archive.org/web/20210411145728/https://www.kotaku.com.au/2021/03/confessions-of-jb-hi-fi-reviewers/ |url-status=dead |archive-date=11 April 2021 |title=Confessions Of JB Hi-Fi Reviewers |work=Kotaku |date=10 March 2021 |access-date=4 January 2023 |author=Serrel, Mark}} some examples of which have gone viral on the internet.{{cite web |url=https://www.kotaku.com.au/2022/07/the-best-jb-hi-fi-reviews/ |archive-url=https://web.archive.org/web/20220717233027/https://www.kotaku.com.au/2022/07/the-best-jb-hi-fi-reviews/ |url-status=dead |archive-date=17 July 2022 |title=The Best JB Hi-Fi Reviews |work=Kotaku |date=17 July 2022 |access-date=4 January 2023 |author=Walker, Alex}}{{cite web |url=https://www.buzzfeed.com/ishabassi/funny-jb-hi-fi-signs-2018/ |title=25 Times JB Hi-Fi Employees Proved They Really Don't Get Paid Enough |work=Buzzfeed |date=3 December 2018 |access-date=4 January 2023 |author=Bassi, Isha}}{{cite web |url=https://press-start.com.au/news/playstation/2020/06/14/a-jb-hi-fi-store-has-created-a-very-questionable-the-last-of-us-part-ii-display/ |title=A JB Hi-Fi Store Has Created A Very Questionable The Last Of Us Part II Display |work=Press Start |date=14 June 2020 |access-date=4 January 2023 |author=Grixti, Shannon}} 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.{{cite web |url=https://www.news.com.au/finance/business/retail/jb-hifi-profits-clever-trick-retailer-used-to-boost-sales/news-story/63f083f977d45c87797257e9cd08e3b0 |title=JB Hi-Fi profits: Clever trick retailer used to boost sales |work=News.com.au |date=18 August 2020 |access-date=5 January 2023 |author=Murphy, Jason}}
The image of the retailer has been described as "deliberately laid-back",{{cite web |url=https://www.afr.com/companies/retail/the-not-so-secret-to-jb-hi-fi-s-success-20200212-p53zze |title=The (not so) secret to JB Hi-Fi's success |work=Australian Financial Review |date=14 February 2020 |access-date=5 January 2023 |author=Mitchell, Sue}} and the fit out of their stores as "bare bones".
References
{{Reflist}}
External links
- {{Official website}}
- {{Official website|https://www.jbhifi.co.nz/|Official website (New Zealand)}}
- {{cite web |url=http://www.cliveanthonys.com.au/ |title=Clive Anthonys |access-date=18 November 2017 |archive-url=http://webarchive.loc.gov/all/20110722093726/http://www.cliveanthonys.com.au/ |archive-date=22 July 2011 |url-status=dead}}
{{S&P/ASX 200}}
{{Retailers in New Zealand}}
{{DEFAULTSORT:Jb Hi-Fi}}
Category:Consumer electronics retailers of Australia
Category:Consumer electronics retailers of New Zealand
Category:Video game retailers in Australia
Category:Video game retailers in New Zealand
Category:Music retailers of Australia
Category:Music retailers of New Zealand
Category:Australian companies established in 1974
Category:Companies based in Melbourne
Category:Companies listed on the Australian Securities Exchange