Beacon Lighting Shines Amid The Gloom

A standout update on Friday came from lighting retailer Beacon which joined the growing list of companies revealing better than expected first-quarter data.

Beacon said first-quarter sales jumped 24.3%, while comparative sales, excluding locked down Melbourne were up 37.6%.

Online sales online rose 156%, helped no doubt by the lockdown in Melbourne and parts of regional Victoria, but also the gathering home renovation boom.

As a result, Beacon said its net profit after tax for the quarter rose 280% from $2.2 million to $8.4 million.

That saw Beacon shares close Friday up 12% at $1.59.

Beacon joined companies like Bapcor, Sonic Healthcare, Kogan, Redbubble, Eagers Automotive, and Cleanaway in reporting higher first-quarter sales and earnings – with online sales driving the likes of Redbubble and Kogan

“During these difficult times we have been able to provide our customers across Australia with a safe and rewarding shopping experience in our stores and online. We are seeing many customers investing in their home as they spend more time at home working and studying,” CEO Glen Robinson said.

“Thanks to the support of our customers and the commitment of our team members, the Group has been able to achieve these strong results”.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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