JB Hi-Fi online sales skyrocket to A$1.1B

JB Hi-Fi online sales skyrocket to A$1.1B

Net profit expected to lift 67 per cent to A$506M.

Credit: JB Hi-Fi

Despite anticipating a weaker fourth quarter due to COVID restrictions, retailer JB Hi-Fi is expecting net annual profit to surge 67.4 per cent to A$506 million for FY21, ending 30 June.

The publicly listed retailer has released its unaudited results for the financial year, which saw online sales skyrocket 78 per cent to A$1.1 billion for FY21, in-line with increased customer demand and sales momentum.

Total sales were up 12.6 per cent to A$8.9 billion. Full year audited results will be released on 16 August.

It is anticipated there will be some disruption to sales as result of various state-based COVID restrictions particularly in Sydney and Victoria during the fourth quarter (April to 30 June 2021 period).

Group CEO, Richard Murray said the company was continuing to focus on customers and investments in its online business and supply chain, which enabled the retailer to “seamlessly meet customer demand both in store and online”.

Earnings before tax in Australia jumped 33.6 per cent to A$523.1 million, while in New Zealand it turned from a NZ$22.3 million loss (due to a NZ$21.1 million impairment expense) into NZ$5.8 million in the black. The Good Guys ramped up 53.8 per cent to A$743.2 million.

Sales in Australia grew 12 per cent to A$5.96 billion with New Zealand growing 17.4 per cent to NZ$261.6 million and The Good Guys contributed A$2.71 billion in sales, up 12.6 per cent.

Murray announced in April he will be stepping down at the end of August after more than 18 years with the retailer to pursue a new role, with former chief Terry Smart stepping back into the fold.

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