But when the costs of The Good Guys acquisition (incurred in the previous half-year period) are included, its statutory profit increased by 37.4 per cent. Revenue fell 0.4 percent to $124.6 million and gross margin shrank 169 basis points to 16.31 percent.
During the period, JB Hi-Fi opened up seven new Australian stores, plus two new The Good Guys outlets.
Performance of JB's New Zealand business was less pleasing.
The discount retailer signalled the shift for the New Zealand division previous year, taking an A$15.8 million impairment charge on the business after reviewing the unit and deciding on a way to revive sales and fatten margins.
In addition, sales from The Good Guys totalled $1.1 billion for the six months to the end of December. Over a five-year period, the value of sales rose 20 percent compared to volume growth of 76 percent.
Australian electronics retailer JB Hi-Fi Ltd posted a record first-half net profit, but spooked investors by warning that earnings growth would slow amid fierce competition, knocking its shares down by more than 8 percent.
"It was another strong result for the JB Hi-Fi business in Australia, particularly through the important November and December periods".
The chain, which has successfully moved into whiteware in Australia, has also told the ASX that while it enjoyed a bumper first half, its New Zealand operations were treading water.
Concerning future outlook, the retailer expects full-year net profit to be between $235 million - $240 million.
The company lifted its interim dividend 14 cents to 86 cents, fully franked. This comprises $4.75 billion from JB Hi-Fi and $2.1 billion from The Good Guys.