Just as Bunnings has surprised with solid sales growth during the COVID-19 lockdowns, along with Harvey Norman and JB Hi-Fi The Good Guys whitegoods chain, so has lighting specialist Beacon Lighting.
The company, which has battled to handle the downturn in home and apartment constriction in the 18 months to December, said yesterday that the lockdowns had been good for it as Australians embarked on do it yourself upgrades.
The company said in a trading update on Thursday that it had seen a 15.5% rise in total sales across the January-June 14 period (the second half of the 2019-20 financial year). Same-store sales were up 16.9% and online sales had jumped 77%.
And that has seen a better performance across the financial year from July 1 last year to June 14 with total sales growth of 7.1%, same-store sales growth of 6.4%, and online sales up 47.8%.
As a result, Beacon has lifted its full-year profit guidance, telling investors net profit after tax, excluding significant items, would be higher than the prior financial year’s $16.5 million result.
“During these uncertain times the team members of Beacon Lighting have shown how adaptable they are to the changing circumstances, providing our customers with exceptional service while ensuring all health and safety guidelines are followed,” CEO Glen Robinson said in the statement to the ASX.
“The great results achieved would not have been possible without the efforts of our team and the support of our customers.”
The company also completed the sale and leaseback of its Parkinson distribution centre, netting a profit of $7.8 million from the $28 million sale. This was somewhat offset by a higher-than-expected cost for the closure of its Beacon Energy solar division, which it expects to now cost $5 million.
Shares jumped 23% to a high of $1.245 and ended up more than 22% at $1.22.
