Software sales did decrease in the year, dropping from 5.6% of total sales to 4.8%.
JB Hi-Fi also managed to increase its gross margin percentage, up six basis points to 17%, and reduced its cost of doing business (CODB) by 86 basis points to 14.7%.
Inventory for the business has grown over the year, up from $53.9m to $69.6m, an increase of 29%.
Despite the performance, the business still reported a net loss of $1.4m for the year. Although this was an improvement on the $6.7m loss made in 2024.
JB Hi-Fi has 23 stores across New Zealand after opening four new stores in the year, with group chief executive officer Nick Wells confirming a further three stores will open in the 2026 financial year during the business’ annual shareholder meeting.
Wells recently replaced former chief executive Terry Smart, who retired from the group on October 3.
“It has been another strong year of sales and earnings, as we built on the momentum of the previous year,” Smart said.
“The company stayed focused on its core proposition of driving great value and delivering consistently high levels of customer service which continued to resonate with our customers.”
JB Hi-Fi gave an update on its first quarter performance in October, with the New Zealand business reporting total sales growth of 39.3%, up from 19.6% in the prior corresponding period.
Comparable sales growth also lifted, up 24.3% in the first quarter compared to just 2.7% in the prior period.
JB Hi-Fi New Zealand managing director Tim Edwards has been approached for comment.
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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