How did JB Hi-Fi (ASX:JBH) perform in 1H FY21?

Summary

  • JB Hi-Fi recorded total sales of $4.94 billion and net profit after tax of $317.7 million in 1H FY21.
  • During high online sales, the company maintained an uninterrupted supply chain management and high customer service.
  • JBH’s share price is trading mildly up by 0.13 per cent at A$50.96 (as at 10:30 AM AEDT).

On 15 February 2021, JB Hi-Fi Limited (ASX:JBH) released an update regarding its business performance for the half-year ended 31 December 2020. The company recorded total sales of $4.94 billion in 1H FY21, up by 23.7 per cent from the previous corresponding year (pcp). The key driver for the increased sales was increased demand for and home appliance products and consumer electronics.

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The impact of higher sales has also been seen on the net profit after tax, which grew by 86.2 per cent to $317.7 million, compared with $170.6 million in 1H FY20. The company had also announced a total dividend of 180 cents per share during the reported period.

The company has registered exceptional growth in online sales, up by 161.7% to $678.8 million, representing 13.7% of total sales (HY20: 6.5%). Excluding Victorian sales during the period where stores were temporarily closed, online sales represented 10.3% of total sales.

The company maintained an uninterrupted supply chain management and high customer service during the high online sales, despite Covid-19 related challenges and significantly increased volumes. The company did continued investments in online and supply chain operations, including upgrades to the websites and expanded delivery and warehouse options.

Read More: JB Hi-Fi Profits Rose As People Work From Home

Miscellaneous updates

In 1H FY21, the company has given workplace donations totalling to $1.7 million and $26.1 million since inception. JB HI-FI’s Helping Hands program has also won Workplace Giving Australia’s 2020 Best Overall Program and Best Innovation awards.

The company has also partnered with a supplier to trial 100% recyclable and sustainable packaging for selected products. An operational waste and recycling working group has also been established.

Stock Performance

JBH’s share price is trading mildly up by 0.13 per cent at A$50.96 (as at 10:30 AM AEDT). The stock has been moving more or less in a range since the beginning of this year and the last three months return stands at 9.89 per cent.

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