JB Hi-Fi FY22 sales up 3.5pct to $9.2b

JB Hi-Fi says it made $544.9 million in net profit after tax in the 12 months to June 30, 7.7 per cent more than last year, as consumer demand stayed strong for electronics and home appliances.

Total sales rose 3.5 per cent to $9.23 billion, with online sales up 52.8 per cent to $1.63 billion.

“These results reinforce the enormous trust our customers have in our brands and the strength of our multichannel offer, which continues to provide customers with choice on how to shop,” group chief executive Terry Smart said on Monday.

Sales in Australian JB Hi-Fi stores were up four per cent to $6.2 billion, with same-store sales up 3.4 per cent. The Good Guys sales grew 2.7 per cent to $2.79 billion.

New Zealand JB-Hi Fi store sales were up 0.3 per cent to $NZ262.4 million.

The group says it sees significant opportunity to expand its business in New Zealand, and would be investing over the next three years in refreshing the store network, upgrading its new stores and upgrading its online platform. The former chief executive of Noel Leeming, Tim Edwards, was on Monday announced as head of its New Zealand business.

Online sales across the group represented 17.6 per cent of total sales. In the second half, with all stores having reopened from COVID-19 lockdowns, online sales were 11.9 per cent of total sales – still more than twice their proportion of total sales before the pandemic in 2018/19.

The company said it saw continued sales momentum in July.

JB Hi-Fi declared a full-franked final dividend of $1.53 per share, up 43 per cent from a year ago.

At 10.17am AEST on Monday, JB Hi-Fi shares were up 0.2 per cent to $45.65.

with news from AAP