JB Hi-Fi (ASX:JBH) report strong sales growth in 2H20

Company News

by Rachael Jones

JB Hi-Fi (ASX:JBH) and The Good Guys have seen strong sales growth in 2H20 as customers spend more time at home.

The Group previously withdrew its FY20 sales and earnings guidance as a result of the uncertainty arising from Covid-19.

Given the ongoing strong performance through April and May, and assuming no significant changes to trading performance or customer shopping patterns in the important June tax time period, the Group now expects total sales to be around $7.86 billion, with $5.26 billion from JB HI-FI Australia, (NZD) $0.22 billion JB HI-FI New Zealand and $2.39 billion from The Good Guys.

Total NPAT, after New Zealand impairment, to be in the range of $300 million to $305 million, an increase of 20 per cent to 22 per cent on the pcp.

Shares in JB Hi-Fi (ASX:JBH) are trading 3.48 per cent higher at $43.46