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JB Hi-Fi half-year profit up 86 per cent despite temporary store closures

JB Hi-Fi has seen net profit jump 86 per cent to $317.7 million during the first half of 2021 off the back of strong online sales and a well-executed Black Friday promotional period.

According to the business’ unaudited results, online sales rose 161.7 per cent to $678.8 million and represented 13.7 per cent of the total $4.9 billion sales during the period – up 23.7 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 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.”

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