- Electronics retailer JB Hi-Fi (JBH) boasts a stellar run over the last 12 months
- For the 2021 financial year, sales jumped 12.6 per cent, from $7.9 billion to more than $8.9 billion
- Most notably, the company is expecting a 67.4 per cent jump in after-tax profit, from $302.3 million to $506.1 million
- Despite the strong results, JB Hi-Fi warned of a potential disruption to sales in July due to the various COVID-19 restrictions across Australia
- Shares in JB Hi-Fi finished trading yesterday at $47.73 each
Even with the impact of COVID-19 restrictions, electronics retailer JB Hi-Fi (JBH) is flagging a stellar run over the last 12 months.
For the 2021 financial year, sales jumped 12.6 per cent, from $7.9 billion to more than $8.9 billion. Roughly $1.1 billion came from online transactions — or 11.9 per cent of the total — representing a 78.1 per cent increase compared to last year.
Most notably, however, JB Hi-Fi is expecting a 67.4 per cent jump in after-tax profit, from $302.3 million to $506.1 million.
In a statement released this morning, the company said its gross margins were tracking well, with improvements across each of its Australian, New Zealand and The Good Guys businesses. Disciplined cost control and strong sales growth, JB Hi-Fi said, also drove significant operating leverage.
“We are pleased to report record sales and earnings for FY21,” said chief executive Richard Murray.
“Our continued focus on the customer, and investments in our online business and our supply chain, have enabled us to seamlessly meet our customers’ increased demand both instore and online.”
Despite the strong results, JB Hi-Fi warned of a potential disruption to sales in July due to the various COVID-19 restrictions across Australia, particularly in Greater Sydney and Victoria.
The company is expected to release its full set of results in August.
Shares in JB Hi-Fi finished trading yesterday at $47.73 each.