Home improvement retailer Beacon Lighting is expecting to see net profit for the half year more than double thanks to the changes in consumer spending during the pandemic, the business said on Wednesday.
According to Beacon, NPAT for the half year to December 27 will likely land between $19.5 million and $21.5 million, far above the $9.5 million earned at the same point of 2019.
The jump in profit will come off the back of improved sales, which are expected to be between $147 million and $152 million for the half, as a result of the growth seen throughout retailers operating in the home improvement space.
“We’re very fortunate to be in a category which has seen terrific momentum in a period which has been very difficult for so many businesses in Australia and around the world,” CEO Glen Robinson said.
“Our customers have adapted to the changing conditions and restrictions throughout Australia, and many use their homes for different purposes.”
According to Beacon, the business has seen improved store, online and trade traffic during the last six months, both locally and internationally.
However, the business also notes there is still uncertainty around how the Christmas season will play out.