JB Hi-Fi CEO ‘stoked’ with company’s performance during pandemic

JB Hi-Fi has bumped up its annual profit guidance after the retailer recorded a surge in sales, defying the broader retail downturn and cementing its position as one of the leading retailers in the country.

The electronics chain announced sales at its JB Hi-Fi Australia stores in the second half of the financial year were up 20 per cent compared to 4.4 per cent in the first-half and expects a net profit of about $300 million, a year on year increase of 20%.

Shares in JB Hi-Fi spiked after the announcement, hitting $43.86 intraday before coming off the boil and closing down 4.2%.

With strict social distancing measures in place, many businesses have bolstered sales by pushing their e-commerce sites.

However, JB Hi-Fi Group CEO Richard Murray says its bricks and mortar stores still account for the vast majority of sales.

“We are a massive believer in having a great website because 80 per cent of our customers start their shopping journey there,

“But the vast majority complete that shopping journey in stores and then many customers get their products home-delivered if they’re bulky,

“What I’m most pleased about is how every part of the business has been in-sync under a lot of pressure… across the board, I’m stoked with how the team, the systems, and the processes have stood up to what has been a level of demand we haven’t seen for a long time,”

Click play to hear the full conversation between JB Hi-Fi CEO Richard Murray and Brooke Corte: