JB Hi-Fi has reported sales growth in the second half of FY2020 thanks to an increase in demand for work-from-home tech.
The company reported sales growth of 20 percent in the H2 of FY2020 for JB Hi-Fi Australia and 23.5 percent for The Good Guys, offsetting a 19.3 percent decline for JB Hi-Fi New Zealand.
The sales growth was driven largely by customers spending more time working, studying and staying entertained at home due to the COVID-19 restrictions, according to the company.
Meanwhile, JB Hi-Fi New Zealand saw a decline, which it attributed to its temporary closure in accordance with the country’s Level Four restrictions. It has since resumed operations.
JB Hi-Fi group chief executive Richard Murray said, “I would like to thank our over 12,000 team members who have done an incredible job in meeting the extraordinary challenges faced over the past few months. Our customers have continued to turn to us for their technology and home appliance needs and our team members have responded and adapted in an
amazing manner to make sure we can do it safely and effectively.”
“We are in the process of finalising a recognition program for our store team members to reflect their over and above efforts through this period and look forward to sharing this with our team before the end of the financial year.”
Looking ahead, JB Hi-Fi restored its FY2020 sales and earnings guidance, with a predicted full year sales of $7.86 billion for the year and net profit after tax in the range of $300 million to $305 million, or 20 percent and 22 percent from the previous year, respectively.