JB Hi-Fi Group has experienced a slowdown in year-on-year sales for the first quarter of FY22 due to disruption on trade from Covid-19 restrictions. However, sales momentum has benefitted since the re-opening of retail in NSW on 11 October.
Total sales at JB Hi-Fi Australia were down 7.5% for the first three months of FY22 compared to the same quarter in FY21. However, sales were up 17.3% when compared to FY20.
The Good Guys recorded a 5.6% decrease in sales compared to Q1 FY21, although sales were up 23.6% compared to Q1 FY20.
For JB Hi-Fi New Zealand, sales were down 6.4% compared to Q1 FY21 and 8.8% down on Q1 FY20.
“While the start to this year has been significantly impacted by Covid-19 restrictions and extended periods of store closures, we have demonstrated our ability to adapt and respond to continue to meet the strong demand from our customers,” JB Hi-Fi group CEO, Terry Smart said.
“The combination of our passionate and knowledgeable team members, and our multichannel offer, including quality store locations and established online offerings, gives us confidence as we enter the important Christmas trading period.”