Australian retailer JB Hi-Fi has reported record online sales in its HY21 update as consumers spend more time at home upgrading their home appliances and technology.
The results showed an increase in online sales of 161.7 percent to $678.8 million, which makes up 13.7 percent of its total sales. JB Hi-Fi says disciplined cost control and strong improvements in its gross margins in certain categories are contributing factors to its online growth.
Group CEO, Richard Murray, says the company is pleased to report record sales and earnings in what has been an extraordinary period.
“Our continued focus on the customer, and investment in our online business and our supply chain, have enabled us to seamlessly meet our customers’ increased demand both in-store and online.”
Black Friday also contributed to online sales, as well as the shift to working from home and customers seeking to upgrade their tech. Murray adds that due to international travel being on pause, Australian consumers are turning their spending to Australian retailers.
“The reality is that a lot of people won’t want to travel.
“While Australians can’t travel, there is a certain amount of money that stays in the local economy.”