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Aussies splashing the cash on electronics, so JB Hi-Fi is doing the same

JB Hi-Fi’s pandemic profit has soared more than 30 per cent and staff and shareholders are being rewarded with big payouts.

Aug 17, 2020, updated Aug 17, 2020
JB Hi-Fi's sales have soared during the lockdowns

JB Hi-Fi's sales have soared during the lockdowns

The company has already paid out $1000 to staff and today it announced shareholders would receive a final dividend of 90 cents a share, an increase of 76.5 per cent. The full year dividend was up 33 per cent to $1.89 a share.

The company said it received $600m in online sales across the group for the year, an increase of 50 per cent on last year, with the fourth quarter on line sales up 134 per cent.

The lockdown in Victoria has also been the catalyst for “a significant acceleration in online sales” in the state in the first 11 days following the stage 4 temporary store closures and has led to strong sales growth in August to date.

Total sales up 11.6 per cent to $7.9billion for the June 30 year which produced an underlying earnings before interest and tax of $486 million, an increase of 30 per cent.

Underlying net profit after tax was up 33.2 per cent to $332.7million and statutory NPAT was up 21.0 per cent to $302.3 million.

“While the Group is pleased with its start to FY21 and current trading, in view of the uncertainty arising from Covid-19, the Group does not currently consider it appropriate to provide FY21 sales guidance.

 

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