JB Hi-Fi online sales grow 161.7 per cent during first half

Dean Blake

18th Jan 2021

JB Hi-Fi Group’s online sales grew 161.7 per cent to $678.8 million during the first half of FY21, with a successful Black Friday driving a strong showing for the business.

JB’s online segment made up 13.7 per cent of the $4.9 billion in sales made during the first half, which rose 23.7 per cent, and led to an increase in unaudited net profit of 86 per cent.

The growth in online and Black Friday trade more than offset the cost of government mandated store closures during the half, according to JB Hi-Fi.

All businesses in the wider group saw sales growth during the period, with JB Hi-Fi Australia’s sales up 23.3 per cent, JB Hi-Fi New Zealand up 9.1 per cent, and The Good Guys up 26.4 per cent.

Earnings for the half rose substantially, with JB New Zealand seeing EBIT up 363.7 per cent for the period, while JB Australia and The Good Guys rose 57.5 per cent and 142 per cent respectively.

“We are pleased to report record sales and earnings for HY21, in what has been an extraordinary period,” said JB Hi-Fi chief executive Richard Murray.

“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.”