JB Hi-Fi Online Sales Skyrocket 201.9 Percent in HY21

Power Retail By Power Retail | 15 Feb 2021

JB Hi-Fi has recorded a good start to FY21, reporting an increase in its online sales by a whopping 201.9 percent.

JB Hi-Fi is recording an increase in net profit by 86.2 percent in itsHY21 performance report.

Its also reporting an increase of 81.8 percent (8.0 pcs) in its dividends, to $1.80 per share.

The Australian retailer reported sales up 23.7 percent to $4.9 billion, citing the continued elevation for the demand of consumer electronics and home electronics.

The retailer has also cited ‘exceptional’ growth for its online department, which experienced an increase of 201.9 percent. E-commerce sales now account for 15.4 of total sales, compared to 6.7 percent in HY20 in Australia.

Except for Victoria, during the point where stores remained temporarily closed for the duration of lockdown, JB Hi-Fi’s online sale represented 10.3 percent of total sales. Its “ability to scale and maintain a high level of customer service and on-time delivery throughout the half was very pleasing,” the retailer reported.

The retailer plans to further invest in its online offering, upgrading the e-commerce platform and expanding its delivery and warehouse options.

CODB (Cost of Doing Business) was down by 10.1 percent, despite its growth of 4.6 in absolute terms with the disciplined cost control throughout HY21.

In New Zeland, the retailer’s online sales grew 69.2 percent to NZD16.3 million, representing 11.3 percent of total sales for HY21. This is compared to its HY20 results of 7.3 percent of total sales.

For JB Hi-Fi, its e-commerce plans include leveraging its platform and further meeting customer needs as online retail continues developing and growing in Australia. Furthermore, the retailer plans to integrate the in-store experience online.

The Good Guys

The Good Guys have also had a good FY21, reporting an increase in sales of 26.4 percent and an increase in its Gross Profit by 36.6 percent.

The Aussie retailer also reported strong online growth, with an increase of 86.1 percent to $148 million – this accounts for 10.2 percent of total sales, compared to 6.9 percent in HY20.

Its total sales grew by 14.1 percent, compatible to its 1.4 percent growth in January 2020. The retailer has recorded strong sales growth in all brands.

“Whilst the group is pleased with its start to the second half, in view of the ongoing uncertainty arising from COVID-19, the group does not currently consider it appropriate to provide 2021 sales and earnings guidance,” said Richard Murray, the CEO of JB Hi-Fi Group.

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