Buyers have been flocking to JB Hi-Fi to buy TVs, computers and white goods as the retailer posted record sales and earnings in the last six months.
The electronics retailer reported “strong” sales growth in the first half of the 2023 fiscal year, with total sales rising 8.6 percent to $5.3 billion.
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The company flagged “well-executed” Black Friday and Boxing Day sales as well as increased demand for consumer electronics and home appliances in its ASX update on Tuesday.
Revenue rose 14.0 percent to $479.2 million and the company is on track to report a net profit of $329.9 million for the half-year.
Online sales were $752.1m, only 14.2 percent of total sales.
The Good Guys, owned by JB Hi-Fi, saw sales up 7.3 percent and revenue up 9.8 percent.
JB Hi-Fi chief executive Terry Smart thanked the company’s 13,000 employees for delivering the result.
“We are pleased to report record sales and earnings for HY23 as business conditions begin to return to normal after two years of Covid-related disruptions,” he added.
“Our relentless focus on providing the best prices and a high level of customer service every day, both in store and online, continues to resonate with our customers.”
Tuesday’s update represents a preliminary sale of the company with audited statutory results expected to be released on February 13.