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JB Hi-Fi Sales Hit By Lockdowns

Lockdown and trade restrictions impacted JB Hi-Fi’s sales during the September quarter, according to a trading update issued ahead of today’s annual general meeting.

JB Hi-Fi reported its total sales in Australia fell nearly 8 per cent, compared to a 17.3 per cent jump in the September 2020 quarter. New Zealand sales also declined by 6.4 per cent, an improvement on last September quarter’s 9 per cent slump.

The Good Guys saw sales fall by 6.1 per cent, compared to a 23.6 per cent leap in the previous September quarter.

Terry Smart, JB Hi-Fi.

“While the start to this year has been significantly impacted by Covid-19 restrictions and in some states extended periods of store closures, we have demonstrated our ability to adapt and respond to continue to meet the strong demand from our customers,” Group CEO Terry Smart said.

“The combination of our passionate and knowledgeable team members, and our multichannel offer, including our quality store locations and our established online offerings, gives us confidence as we enter the important Christmas trading period.”

Despite the sales drop, JB Hi-Fi’s shares are up 2.71 per cent.

 

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