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JB HiFi beats expectations

JB Hi-Fi shares saw a strong recovery on Tuesday as the electronics retailers reported its second-quarter sales update and preliminary HY22 financial results, outperforming analyst expectations.

Throughout the period, JB Hi-Fi said the group continued to see heightened customer demand and strong sales growth over a two-year period. Gains were marginal against the same period in FY21, although they achieved double-digit gains against FY20.

Looking at preliminary first-half results, sales momentum was also strong throughout the half, with continued heightened customer demand for both consumer electronics and home appliance products. Total sales were $4.86 billion, down 1.6% on last year but up 21.7% over a two-year period. Online sales were $1.1 billion, up 62.6% on last year, representing 22.7% of total sales.

EBIT was strong at $420.5m, down 9.1% on last year, but up 59.9% over a two-year period with significant operating leverage driven by the elevated sales growth, management of gross margins and disciplined cost control.

Group CEO, Terry Smart, said “We have again demonstrated our ability to adapt and respond to meet the strong demand from our customers, both in-store and online.”

JB Hi-Fi said it will release its half-year audited statutory results on 14 February 2022.

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