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JB Hi-Fi Sales Up 23.7%, Online Doubles, 82% Div Increase

Consumer electronics group JB Hi-Fi is continuing to ride the pandemic wave, with sales jumping by 23.7 per cent to a total of $4.9 billion for the six months ending December 31, 2020.

The company also increased its interim dividend 82 per cent to $1.80 per share after posting the bumper results.

Online sales for the entire group – which owns JB Hi-Fi Australia, JB Hi-Fi New Zealand and The Good Guys – were up by 161 per cent to $678.8 million, while earnings before interest tax (EBIT) were up 76 per cent to $462.8 million.

For JB Hi-Fi Australia, total sales for the period grew by 23.3 per cent to 3.36 billion, with demand for key growth categories including small appliances, computes, visual and gaming boosting sales.

Online sales for the Australian arm also more than tripled to $516.6 million, or 15.4 per cent of total sales.

Gross profit also increased by 22.7 per cent to $737.4 million.

JB Hi-Fi New Zealand enjoyed similar growth, with sales up by 9.1 per cent to $NZ144.9 million. Online sales in New Zealand also rose by 69.2 per cent to $NZ16.3 million, or 11.3 per cent of total sales.

Appliances retailer The Good Guys had its share of unprecedented growth, with total sales jumping by 26.4 per cent to $1.45 billion for the period.

Online sales for The Good Guys were also up by 86.1 per cent to $148 million, or 10.2 per cent of total sales, and gross profit was $324.6 million.

Key growth areas for the white goods retailer included refrigeration, laundry, floorcare, televisions and computers.

Commenting on the results, Group CEO Richard Murry said: “We are pleased to report record sales and earnings for HY21, in what has been an extraordinary period. 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.

“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 continues to delight our customers every day.”

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