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 Ltd (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, S&P/ASX 200 Consumer Discretionary 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.
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.