The numbers prompted shares in the company to jump by as much as 5.4 per cent in early trade,as investors reacted positively to an indication that shoppers are still spending despite the spectres of inflation and rising interest rates. JB Hi-Fi shares were 3.7 per cent higher at $42.38 in afternoon trading.
JB Hi-Fi’s preliminary financial results show sales up 3.5 per cent to $9.2 billion and earnings before interest and tax up 6.9 per cent to $795 million.
The company’s online sales helped fuel the result,up by close to 53 per cent to $1.6 billion. Online purchases now contribute 17.6 per cent of the company’s total sales. When the company reported its full-year financial results in 2019,that figures was 5.5 per cent of sales.
JB Hi-Fi chief executive Terry Smart said the record earnings performance came down to the success of both of the retailer’s sales channels.
“The benefits of having a strong multi-channel 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,” he said.
Sales at white goods brand The Good Guys also performed strongly,up 7.7 per cent for the June quarter and 2.7 per cent for the year overall.