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Highlights
- JB Hi-Fi Limited (ASX:JBH) shared its Q2 sales and preliminary half year 2023 results.
- The company marked a growth of 8.6% in its preliminary unaudited HY23 sales.
- JB Hi-Fi posted an increase of 14% in EBIT in HY23.
Australia-based consumer electronics and home appliances retail company JB Hi-Fi Limited (ASX:JBH), on 17 January 2023, shared its Q2 sales and preliminary unaudited half-year 2023 results. As per the company, the growth in sales was robust throughout the half year as there was increased demand for consumer electronics and home appliances. Black Friday and Boxing Day sales contributed to the sales too.
JB Hi-Fi Limited comprises two leading retail brands: JB HI-FI, which focusses on technology and Consumer Electronics; and The Good Guys, which focusses on Home Appliances and Consumer Electronics.
Key highlights from JB Hi-Fi results release
- In its second quarter sales report and half year 2023 results report, JB Hi-Fi stated that sales remained strong throughout the half year; total sales was up 8.6% to AU$5.3 billion.
- The rise in sales was boosted by the incessant increase in customer demand for consumer electronics and home appliances. Additionally, sales during Black Friday and Boxing Day promotional periods added to the rise.
- Online sales stood at AU$752.1 million, marking 14.2% of total sales.
- JB Hi-Fi informed that the constant rise in sales along with strong gross margins, resulted in an improved EBIT rise to touch AU$479.2 million, a growth of 14%.
Data source: Company update; Image source: © 2023 Krish Capital Pty. Ltd.
Share price performance
On the ASX, the company shares traded 1.2% lower at AU$46.51 on 17 January 2023. During the past five days of trading, the company has gained 2.15%. (As of 17 January 2023).
An integral part of JBH’s ongoing strategy is to promote innovation and diversification in its product range, merchandising formats, advertising, supply chain, property locations and online offer. The company claims to have made progress in solar power generation, Diversity and Inclusion initiatives, Ethical Sourcing Policy, sustainable packaging, and workplace giving donations. JBH will announce its half year audited statutory results on 13 February 2023.
It will be interesting to witness how the Group combats challenges in an ambiguous retail environment and with domestic budgets under rising pressure.
