JB Hi-Fi has issued a trading update to investors for the period 1 April 2021 to 30 June 2021, with the results reflecting a slowdown in sales compared to the previous corresponding period, which was driven by a shift to working and learning at home.
During the last quarter of FY21, sales for JB Hi-Fi Australia were down 8.2% compared to the same period in FY20, but up 20.6% on FY19. The Good Guys experienced a slight 1.5% downturn in sales compared to the same period in FY20, but sales were up 28.3% compared to FY19.
JB Hi-Fi New Zealand was the standout performer during the quarter, recording sales growth of 46.9% compared to the same period in FY20 and an 11.5% increase on FY19.
However, the group has warned of sales disruption and variability in July due to various state based COVID restrictions, including the recent store closures in greater Sydney, Victoria and South Australia.
JB Hi-Fi also shared preliminary unaudited financial results for the full year FY21, which show total sales growth of 12.6% to $8.9 million and a 67.4% surge in net profit after tax (NPAT) to $506.1 million. Online sales increased 78.1% to $1.1 billion, representing 11.9% of total sales.
JB Hi-Fi group CEO, Richard Murray said the retailer is pleased to report record sales and earnings for FY21.
“Our continued focus on the customer, and investments in our online business and our supply chain, have enabled us to seamlessly meet our customers’ increased demand both in-store and online,” he said.
“I would like to thank our over 13,000 team members who have continued to do an incredible job and worked tirelessly throughout this period. As I have said before, our team members are our number one asset and our most important competitive advantage; their dedication and deep product knowledge continue to delight our customers every day.”