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Where To Next For JB Hi Fi After Record Q2 Sales?

As Victorians flock back into stores JB Hi-Fi has reported a 27.3% jump in sales and The Good Guys a 30.9% rise over the period July to September 2020.

JB HI-FI New Zealand total sales growth was -2.5% (pcp: 3.8%), with comparable sales growth of -2.5%.

Group CEO, Richard Murray said “We are pleased to report very strong comparable sales growth in Australia, even with our metropolitan Melbourne stores temporarily closed to customers during this period”.
“Our online businesses have continued to scale and meet the needs of our customers in a period where restrictions have impacted their ability to visit our stores. This online growth combined with continued sales momentum in stores across the rest of Australia, has resulted in a strong start to FY21 and positions us well as we enter the key Christmas trading period.”.

Whilst the Group is pleased with its start to FY21, in view of the uncertainty arising from Covid-19, the Group does not currently consider it appropriate to provide FY21 sales guidance.

Murray said that following the Victorian Government’s lifting of stage 4 restrictions,46 JB HI-FI stores and 21 The Good Guys stores located within metropolitan Melbourne were now reopened and trading, this claim analysts will boost JB Hi Fi sales in the last quarter.

According to SEMRush Analytics JB Hi Fi traffic rose 9.5% to 26M visits by 12M unique visitors.

Murray added that for the period July 1 to September 30, JB HI-FI Australia total sales growth was 27.3 per cent, against 4.7 per cent for the same time last year, with comparable sales growth of 27.6 per cent, against 3.7 per cent in 2020.

JB HI-FI New Zealand total sales growth was down 2.5 per cent (previous corresponding period 3.8 per cent), with comparable sales growth of dow 2.5 per cent (pcp: 3.8 per cent); and The Good Guys total sales growth was 30.9 per cent against a fall of 0.5 per cent last year, with comparable sales growth of 30.9 per cent (pcp: -1.8 per cent).

Mr Murray said he was pleased to report very strong comparable sales growth in Australia, even with its metropolitan Melbourne stores temporarily closed to customers during this period.

 

The Company is today holding their AGM.

More to Follow.

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