JB Hi-Fi shutters New Zealand operations

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JB Hi-Fi shutters New Zealand operations

JB Hi-Fi has announced its New Zealand operations have been temporarily closed due to new restrictions from the NZ government.

The company’s 14 retail stores, online and commercial operations have been closed for at least four weeks due to the NZ government’s introduction of alert level 4 restrictions earlier this week.

JB Hi-Fi was included in the list of ‘non-essential’ businesses that covered the restrictions.

NZ Herald on Monday reported that schools and non-essential services across New Zealand will be closed starting Wednesday 25 March as the number of confirmed COVID-19 cases rose to 102 in the country.

“[JB Hi-Fi Group] is working to support New Zealand team members and customers through this difficult time,” an ASX announcement (pdf) read. “The health and wellbeing of our team members, customers, business partners and the wider community remains the group’s highest priority.”

JB Hi-Fi told shareholders the New Zealand business “does not make a material financial contribution” to the group, with FY19 sales of NZ$236 million, which is 3 percent of the group’s total annual sales, and an EBIT loss of $1.9 million.

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