10 June, 2021

JB Hi-Fi shares hit new heights on 86 per cent profit spike


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JB Hi-Fi (ASX: JBH) shares soared to an all-time high above $55 each today, after the electronics retailer reported an 86 per cent surge in net profit after tax (NPAT) to $317.7 million in preliminary results for the December half.

The profit result for the six-month period is higher than the whole of FY20, when profits still were up 21 per cent at above $300 million.

Amidst continued elevated customer demand for consumer electronics and home appliance goods, the group which also owns The Good Guys saw its total sales rise by 23.7 per cent to $4.94 billion.

This growth rate was slightly higher than the national average of 23.4 per cent for electrical and electronic goods retailing in the November quarter, as per data released recently by the Australian Bureau of Statistics (ABS).

Meanwhile, online sales skyrocketed 161.7 per cent to $678.8 million, and now represent 13.7 per cent of the group’s total sales.

“We are pleased to report record sales and earnings for HY21, in what has been an extraordinary period,” says CEO Richard Murray.

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