JB Hi-Fi reports record revenues, profits amid strong consumer demand

JB Hi-Fi has reported revenue and profit growth in its preliminary results for the 2022 financial year off the back of strong customer demand and sales growth.

In the 12 months ended 30 June 2022, revenue increased 3.5 percent year over year from $8.9 million to $9.2 million. Online sales were also up 52.8 percent year over year to $1.6 billion, representing 17.6 percent of revenue.

Net profit after tax was up 7.7 percent from $506.1 million in FY2021 to $544.9 million, while earnings before interest and taxes (EBIT) was $794.6 million, up 6.9 percent from $743.1 million last year. Second half EBIT was up 33.4 percent year over year, citing “elevated sales growth and improvement in gross margins”.

In its ASX announcement, JB Hi-Fi group chief executive Terry Smart said revenue and earnings for FY2022 broke records for the company.

“We are pleased to report record sales and earnings for FY22. 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,” Smart said.

“It is a credit to our over 13,000 team members who continue to remain focused on providing outstanding customer service and working tirelessly to deliver this record result.”

JB Hi-Fi also said it plans to release its full year audited statutory results on 15 August 2022, where the results above will still be subject to further review and finalisation.

The reseller also broke down the results of its Q4 2022, or the period from 1 April 2022 to 30 June 2022, which JB Hi-Fi said indicated heightened customer demand and strong sales growth.

JB Hi-Fi Australia’s Q4 revenue grew 10.9 percent year over year, while the New Zealand business grew 7.7 percent. Whitegoods business The Good Guys posted 7.3 percent growth.

“In July, the group is cycling a number of different state-based COVID-19 restrictions in the prior year, including store closures in Greater Sydney and Victoria from mid-July 2021,” the announcement read.

In the company's half-year results, JB Hi-Fi said commercial business and IT services arm JB Hi-Fi Solutions posted ‘solid’ sales growth during the period, as it continued to expand on its product and service offering.