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JB Hi-Fi Breaks the Bear Market

Electronic goods favourite JB has again beat market expectations and were up over 5% in early trading after the company announced their final quarter sales update.

The company continues its stellar run despite being in the consumer discretionary sector and has outperformed its peers. Continuing from the previous quarter which saw a possible projected loss for some business sectors they experienced a final dash which has updated the figures to see a great turnaround.

JB Hi-Fi Australia reported comparable store sales of 10.9% and total sales of 11.6% during the quarter. This underpinned a 4% increase in sales for FY 2022.

Across the sea, JB Hi-Fi Zealand business, delivered comparable store and total sales growth of 7.7% for the fourth quarter. One of their well-known business sectors, The Good Guys business also reported a 7.3% lift in comparable store sales and a 7.8% increase in total sales during the three months. As a result, The Good Guys delivered total full year sales growth of 2.7%.

A final positive note was also the company’s online sales. Online sales were up 52.8% to $1.6 billion in FY 2022. This means that they now represent 17.6% of total sales.

The company also reported their full year expectations albeit unaudited, the highlights of which include:

  • Sales up 3.5% to $9,232 million

  • EBIT up 6.9% to $794.6 million

  • Net profit after tax up 7.7% to $544.9 million

CEO Terry Smart stated:

“We are pleased to report record sales and earnings for FY22. The benefits of having a strong multichannel strategy were especially evident in the second half as Covid-19 restrictions eased and customers returned to shopping in-store, whilst continuing to shop with us online.

It is a credit to our over 13,000 team members who continue to remain focused on providing outstanding customer service and worked tirelessly to deliver this record result.”

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