NPAT of $250m beat mid point of guidance of $241m. Cash flow a highlight, free cash being 97% of NPAT, meaning big reduction in net debt and the final dividend up from 46c to 51c.
Sales just below the guidance of $7.1b of FY19.
The profit beat came from uplift in margin at The Good Guys, EBIT margin up 0.5% in part due to lower depreciation.
The new year has started well for JBH stores with SSS growth 3.2% in July, but not so well at TGG where SSS growth declined 3.4% in July. Sales forescat for the group to rise just over 2% for FY2020.
All in all a credible result, especially relative to other similar predominantly bricks and mortar retailers.
Ann: Company Announcement - 2019 Full Year Results, page-2
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