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Highlights:
- The shares of JB Hi-Fi are buzzing in the green territory today, up by 3.55% at 10:17 AM AEST.
- During the full year 2022, online sales grew by 52.8% to AU$1.6 billion.
- EBIT gained 6.9% to AU$794.6 million during the 12 months.
Home consumer products speciality retailer, JB Hi-fi Limited (ASX:JBH), on Tuesday (19 July 2022), shared its full year 2022 (FY22) results and sales update via ASX announcement.
Backed by the news, the shares of JB Hi-Fi were spotted trading 3.55% higher from its previous close to AU$42.33 per share at 10:17 AM AEST. Including today’s gain, JB Hi-Fi’s share price increased by over 7% in the last five trading sessions and more than 10% in a month. Despite falling by over 12% in 2022 to date, the shares managed to deliver a return of 70% in the last five years.
Meanwhile, the benchmark index, ASX 200 Consumer Discretionary (INDEXASX:XDJ) was 0.29% higher at 2,879.20 at 11:49 AM AEST.
Key highlights of the unaudited FY22 financial results
As per today’s JB Hi-Fi release, the company delivered a strong set of numbers during FY22. Though, these results are unaudited and are subject to further finalisation and review.
Image source: © Ivelinr | Megapixl.com
The sales momentum was strong as the company reported sales of AU$9.2 billion, a 3.5% growth on prior period corresponding (pcp). Online sales grew by 52.8% to AU$1.6 billion, making up 17.6% of the total sales.
JB Hi-Fi Australia delivered the maximum sales growth of 4%, followed by a 2.7% increase in The Good Guys sales and a 0.3% increase in JB Hi-Fi New Zealand sales.
Earnings before interest and tax (EBIT) gained 6.9% to AU$794.6 million during the year. Reportedly, the second half EBIT was up by 33.4%, driven by improvement in gross margins and significant sales growth.
JB Hi-Fi’s second half performed quite well with the ease of Covid-19-related restrictions, and customers returned to in-store shopping, and at the same time, customers were using online platforms.
Despite recording the highest growth in sales, JB Hi-Fi Australia reported 4.2% increase in the EBIT. On the other hand, JB Hi-Fi New Zealand reported the lowest sales growth and delivered a 51.7% increase in the yearly EBIT. The Good Guy recorded a 12.5% surge in the EBIT during FY22.
The company is expected to release audited statutory results of FY22 on 15 August 2022.
Key highlights of fourth-quarter sales
JB Hi-Fi saw considerable customer demand and sales growth during the fourth and final quarter (from 1 April to 30 June).
JB Hi-Fi Australia reported total sales growth of 11.6%, JB Hi-Fi New Zealand of 7.7% and The Good Guys of 7.8%.
This year, the company was cycling various State-based Covid-19 related restrictions in the previous year, such as stores closing in Victoria and Greater Sydney from mid-July 2021.
