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Can JB HI-FI continue its COVID momentum?

On Monday, JB Hi-Fi reported preliminary first-half financial results for the 6 months ending 31 December 2020, citing strong sales momentum throughout the half, and elevated customer demand for consumer electronics and home appliance products.

This, combined with growth in online sales and a successful Black Friday promotional period, more than offset the impact of the government-mandated temporary store closures during the half.

Online sales were up 161.7% to $678.8m, representing 13.7% of total sales.

Gross margins also showed strong improvements in key categories, particularly in The Good Guys, but offset by sales mix in JB HI-FI Australia and JB HI-FI New Zealand.

Disciplined cost control combined with strong sales growth drove significant operating leverage. The group did not receive any government wage subsidies and continued to pay landlords and team members throughout the half, including the periods where stores were temporarily closed.

Group CEO, Richard Murray, 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 instore and online.”

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