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Tough start to FY22 ends JB Hi-Fi’s run of strong growth

Brisbane, Queensland, Australia – 30th December 2019 : JB Hi-Fi sign hanging in front of a store in the Queenstreet mall in Brisbane. JB Hi-Fi is Australian biggest home entertainment retaile

JB Hi-Fi Group’s run of strong sales has hit a snag in the first quarter of FY22, with depressed customer spend during lockdown impacting both its Australian and New Zealand operations.

The business said on Thursday that sales in its Australian JB Hi-Fi stores fell 7.9 per cent during the quarter, while sales in New Zealand fell 6.4 per cent, compared to the same period of last year.

Sales at The Good Guys also fell 6.1 per cent compared to the first quarter of FY21, though are still almost 23 per cent higher than in FY20.

The electronics group’s new chief executive, Terry Smart, said that the start of the year had been significantly impacted due to restrictions and store closures across its business.

However, as Coles and Woolworths have predicted in recent days, Smart expects sales to improve now that the worst of store closures and lockdowns seems to be behind Australia’s major retail hubs of Sydney and Melbourne, as well as Greater Auckland in New Zealand.

“[We’ve] demonstrated our ability to adapt and respond to continue to meet the strong demand from our customers,” Smart said.

“The combination of our passionate and knowledgeable team members, and our multichannel offer, including our quality store locations and our established online offerings, gives us confidence as we enter the important Christmas trading period.”

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