DIYers kept lighting retailer Beacon Lighting busy during COVID
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Home lighting retailer Beacon Lighting (ASX:BLX) reported increased sales for the first half of this year and it credits it to COVID having forced people to stay at home.
Between December 30, 2019 and June 14, 2020 sales climbed 15.5 per cent. Online sales, meanwhile, jumped a much heftier 77.7 per cent.
Over the entire financial year to date, growth has been 7.1 per cent overall and 47.8 per cent online. The company expects its net profit after tax to be above last year’s $16.5m.
The COVID-19 pandemic gave people more time to complete “projects at home”, according to Beacon.
But the company noted it was uncertain if this high level of sales would continue into the future.
Unlike larger retailers such as Myer (ASX:MYR), Beacon’s stores continued to trade during COVID-19.
“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.
Stockhead has contacted the company for further comment.
Shares rose 21 per cent this morning and have now completely recovered to their early January highs.