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JB Hi-Fi Smashes Records With $8.9bn Sales In FY21

JB Hi-Fi has hailed a record-breaking year in 2020-21, with sales up across both its Australian and New Zealand arms as well as The Good Guys.

The retailer saw total group sales rise 12.6 per cent to $8.9 billion and online sales surge 78.1 per cent to $1.1 billion, representing 11.9 per cent of overall sales. EBIT was up 53.8 per cent to $743.1 million, while net profit after tax soared 67.4 per cent to $506.1 million.

Incoming group CEO Terry Smart, who replaced Richard Murray this year after the latter jumped ship to Solomon Lew’s Premier Investments, thanked staff on both sides of the Tasman for their “tireless” work.

Terry Smart, JB Hi-Fi.

“Our continued focus on the customer, combined with the strength and competitive advantage of our multichannel offer, be it in-store, online or over the phone, has enabled us to seamlessly meet our customers’ increased demand,” he said.

Communications, Computers, Games Hardware, Visual, and Small Appliances drove 12 per cent sales growth at JB Hi-Fi Australia to $5.96 billion, while key growth categories in New Zealand were Computers, Visual, Communications, Games Hardware, and Small Appliances, with sales up 17.4 per cent to $261.6 million NZD ($250 million AUD).

The Good Guys, which gained a new MD this year in Biag Capasso as Terry Smart was promoted to JB Hi-Fi CEO, grew its total sales 13.7 per cent to $2.72 billion, with key growth categories including Refrigeration, Laundry, Floorcare, Portable Appliances, and Visual.

Recent sales have dipped due to COVID lockdowns, however, with comparable revenues at JB Hi-Fi Australia for the period 1 July 2021 to 15 August 2021 down 14.9 per cent on the same time last year, and The Good Guys down 8.6 per cent.

According to Smart, despite the impact of COVID and associated state restrictions, customer demand has been high and sales growth rates continually strong over the past two years.

“While it remains an uncertain retail environment, we have continued to demonstrate our ability to adapt and respond.

“The combination of our passionate and knowledgeable team members, our multichannel offer, including quality store locations and established online offerings, and our ongoing investment in our supply chain gives us confidence in the outlook for the business,” he said.

The company is not releasing guidance for FY22, due to COVID-related uncertainty.

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