JB Hi Fi Reports Q3 Sales Up 10.4% YTD Up 19.4%
JB Hi Fi whose Group CEO Richard Murray, quit earlier today has announced that total sales grew 10.4% in Q3 FY21 Vs 11.6% in the same period in 2020.
Shares in the Company dropped 6.3% at the opening of the day on the ASX.
Year to date sales growth is 19.4% Vs 6.9% for the 2019/2020 financial year.
The growth comes as many Companies struggle to measure their 2021 performance due to abnormal 2020 trading due to COVID-19 impacting last year’s sales.
The Good Guys reported that Q3 FY21 total sales growth was 5.8% (Q3 FY20: 13.9%) with comparable sales growth of 5.8% (Q3 FY20 13.9%).
Year to date sales growth at The Good Guys was 19.5% (YTD FY20: 5.4%) with comparable sales growth of 19.5%.
In a statement to the ASX outgoing CEO Richard Murray said ‘The Group is pleased with the Q3 sales result and trading in April to date. Whilst from mid-March we commenced cycling elevated sales growth last year, we continue to see heightened customer demand and strong sales growth rates over a two-year period”.
He added “In view of the ongoing uncertainty arising from Covid-19, the Group does not currently consider it appropriate to provide FY21 sales and earnings guidance”.JB Hi-Fi going forward is a return to management former CEO Terry Smart. He was the former chief of JB Hi-Fi from mid-2010 to June 2014, following ten years as chief operating officer. In early 2017 the board appointed Smart to run JB Hi-Fi’s newly acquired Good Guys white goods business.
JB Hi-Fi chairman, Stephen Goddard said the appointment demonstrates the “quality and depth” of the retailer’s management team.
“Terry has a proven record as one of Australia’s leading retail executives, both as CEO of the JB Hi-Fi business and more recently as Managing Director of The Good Guys. We look forward to him applying his considerable talents to both of the Group’s brands.”
At the same time Mr Goddard said the outgoing CEO made a significant contribution to the
company since he joined in 2003.
“During Richard’s time as Group CEO, he oversaw the acquisition and successful integration of The Good Guys business into the Group while delivering record sales and EBIT growth in the JB Hi-Fi business. We are sorry to see him go and wish him well in his future endeavours.”