JB Hi-Fi has ridden a strong June quarter to deliver record sales and earnings for FY22.
Shares in the company have leaped 4.66 per cent this morning, to $42.78.
Total sales for the year grew 3.5 per cent to $9.2 billion. Online sales in particular saw a huge leap, up 52.8 per cent to $1.6 billion.
Online purchases represented 17.6 per cent of total sales.
Full year EBIT was up 6.9 per cent to $794.6m. This was largely due to an impressive second half, which saw EBIT leap 33.4 per cent, driven by “elevated sales growth and improvement in gross margins,” according to the company.
The Group’s $9.2 billion in sales were well ahead of market expectations of $8.7 billion, according to Refinitiv, while the net profit of $544.9 million was a staggering 31.3 per cent ahead of market analysts’ predictions of $414.8 million.
Although company shares hit an all time high in March, they have fallen by more than a quarter since then, driven by uncertain economic conditions that have seen the entire tech-stock market tank of late.
“We are pleased to report record sales and earnings for FY22,” Group CEO, Terry Smart, said.
“The benefits of having a strong multichannel strategy were especially evident in the second half as Covid-19 restrictions eased and customers returned to shopping in-store, whilst continuing to shop with us online.
“It is a credit to our over 13,000 team members who continue to remain focused on providing outstanding customer service and worked tirelessly to deliver this record result.”
JB will release its full year audited statutory results on August 15.
