Join our daily newsletter At The Bell to receive exclusive market insights
- JB Hi-Fi (JBH) reports increased customer and sales demand over a two-year period in its unaudited December quarter results
- The company saw heightened customer demand for consumer electronics and home appliance products in its unaudited half yearly financial results.
- Online sales spiked 62.6 per cent from the previous year, sitting at $1.1 billion
- The company said EBIT was at $420.5 million, down 9.1 per cent on the previous year but up 59.9 per cent over the last two years
- Shares were trading 7.2 per cent higher this morning at $50 each
JB Hi-Fi (JBH) has reported increased customer and sales demand over a two-year period in its unaudited December quarter results.
The company saw heightened customer demand for consumer electronics and home appliance products in its unaudited half yearly financial results.
Total sales came in at $4.86 billion, down 1.6 per cent from last year but up 21.7 per cent over a two-year period.
Online sales spiked 62.6 per cent compared to the previous year, totalling $1.1 billion, which represents 22.7 per cent of total sales.
JB Hi-Fi said earnings before interest and taxes (EBIT) were $420.5 million, down 9.1 per cent on the previous year but up 59.9 per cent over the last two years. JBH believes it provides significant operating leverage driven by the elevated sales growth, management of gross margins and disciplined cost control.
“We are pleased to report strong sales and earnings for HY22. In challenging
circumstances, we have again demonstrated our ability to adapt and respond to meet the strong demand from our customers, both in-store and online,” CEO Terry Smart said.
“I would like to thank our over 13,000 team members who have continued to do an incredible job and worked tirelessly throughout this difficult period. As the challenges associated with Covid-19 continue, the health, safety and wellbeing of our team members, customers, business partners and the wider community remain our highest priority.”
The company will release its half-year audited statutory results in the middle of next month.
Shares were trading 7.2 per cent higher this morning at $50 each at 10:34 am AEDT.
