JB Hi-Fi has posted a mammoth leap in profit after COVID-19 sent its sales soaring across Australia and New Zealand.
The electronics retail company posted a 23.7 per cent growth in sales for the half year 2021, rising from AU$3.9 billion to AU$4.9 billion.
Meanwhile, net profit after tax grew to AU$317.7 million, an 86.2 per cent jump from its AU$170 million for the previous corresponding period.
On the back of the coronavirus pandemic’s shift towards remote working, the retailer saw increased demand for consumer electronics and home appliance products, with Black Friday providing a significant spike.
In particular, online sales rose by 161.7 per cent to AU$678.8 million and now accounts for 13.7 per cent of JB Hi-Fi's total sales.
Broken down between markets, JB Hi-Fi's Australian business rose by 23 per cent to AU$3.3 billion while its New Zealand grew by 9 per cent to $144 million.
According to the company, JB Hi-Fi received no government wage subsidies but had to stick to “disciplined cost control” in order to continue paying rent and staff, even while stores were temporarily closed.
“We are pleased to report record sales and earnings for HY21, in what has been an extraordinary period,” group CEO Richard Murray said.
“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.”
Last financial year, the retailer walked away with AU$302.3 million in profit, up 21 per cent year-on-year, with the sudden rise of hardware and services for remote working giving it a significant sales spike.