JB Hi-Fi's New Zealand earnings drop 50% on skinnier margins, flat sales

Sun, 09 Aug 2015

By Paul McBeth Aug. 10 (BusinessDesk) - JB Hi-Fi's New Zealand earnings halved in the latest financial year as the Australian discount consumer electronics retailer's margins shrank and sales were little changed. New Zealand earnings before interest and tax dropped to $1.6 million in the 12 months ended June 30 from $3.1 million a year earlier, with sales edging down 0.1 percent to $211.4 million, the Melbourne-based company said in a statement. Ebit margins almost halved to 0.74 percent, even as the local unit fattened its gross margins...

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