JB Hi-Fi has ridden the coronavirus-driven home tech and entertainment wave to a bumper first half profit with its online sales soaring 161 per cent during the period.
The boost in online sales to $678.8 million during the half more than offset the impact of government mandated temporary store closures over the six months to December 31.
JB Hi-Fi released a trading update on Monday flagging its preliminary unaudited results for the half. The update showed sales were up 23.7 per cent to $4.9 billion during the half. The company’s earnings before interest and tax shot up 75.9 per cent to $462 million thanks to tight margin and cost control over the period. The group flagged that its profit for the half would be 86.2 per cent.
The strong result was still some way off the sales momentum JB Hi-Fi had recorded between July and September. At its October annual general meeting, JB Hi-Fi told investors its sales growth during the first quarter had been 27.3 per cent.
JB Hi-Fi chief executive Richard Murray said the company was pleased to report the results on what he described as an “extraordinary period”.
“Our continued focus on the customers, and investments in our online business and our supply chain, have enabled us to seamlessly meet our customers increased demand both instore and online,” Mr Murray said.
More to come.
Source: Thanks smh.com