JB Hi-Fi has provided a buoyant Q3 trading update with JB Hi-Fi Australia total sales up 11.6% and comparable sales up 11.3%, while The Good Guys total sales and comparable sales both grew 13.9%.
As customers prepared for an increase in government restrictions, there was an acceleration in sales in late March, with sales for home appliances and technology required for working, learning and entertainment at home, continuing on a growth trajectory into April and early May.
JB Hi-Fi Australia and The Good Guys retail stores, online and commercial businesses remain open, with the exception of three JB Hi-Fi airport stores and seven JB Hi-Fi CBD stores, which were closed in response to the shift in foot traffic away from these stores. Team members from these locations have been redeployed across the store network.
The JB Hi-Fi New Zealand business saw total and comparable sales drop 3.3% in Q3 FY20, with stores forced to close on 26 March due to the introduction of level 4 restrictions.
JB Hi-Fi’s 14 New Zealand stores remain closed to customers but are operating to fulfil online and commercial sales. Trading for the online and commercial businesses resumed across all products on 28 April, after providing a limited number of essential products by contactless home delivery for three weeks prior.
JB Hi-Fi group CEO, Richard Murray said, “Our customers have turned to us for their technology and home appliance needs as they adapt to these unique circumstances and our team members have responded and adapted in an amazing manner to make sure we can do it safely and effectively. While the outlook for the remainder of the financial year is uncertain, we continue to be in a strong financial and operational position.”