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JB Hi-Fi sales spike 20 per cent during lockdown

Electronics retailer JB Hi-Fi announced on Thursday it saw total sales in the second half to date jump 20 per cent, as it kept its Australian stores open during lockdown and served the growing number of customers buying online.

The Good Guys saw a 23.5 per cent sales growth in the same period, though forced store closures in New Zealand led to a 19.3 per cent decline during the second half to date – between 1 January and 31 May.

The growth in sales more than offset the cost of ensuring the business could trade safely, JB Hi-Fi said, as customers spent more time working, learning and enjoying entertainment at home. 

“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,” JB Hi-Fi chief executive Richard Murray said. 

“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.”

While the New Zealand business saw a dramatic sales fall during the lockdown period, it has since resumed trading and has enjoyed solid sales since. 

However, the JB Hi-Fi group is now aiming to conduct a review of New Zealand assets that is expected to result in a $25 million impairment.

Assuming no change in trading performance or customer shopping patterns during June, the group is expecting total sales for FY20 to reach $7.86 billion.

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