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

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

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.

"Our continued focus on the customer, and investments in our online business and our supply chain, have enabled us to seamlessly meet our customers' increased demand both instore and online.

"I would like to thank our over 13,000 team members who have continued to do an incredible job and worked tirelessly throughout this period."

The Group did not receive any government wage subsidies and continued to pay landlords and team members throughout the half, including the periods where stores were temporarily closed.

JBH's half year audited statutory results will be released on 15 February.

After their initial rise, JBH shares dropped off slightly to $52.56 each by noon, representing a 3.53 per cent increase over Friday's closing price.

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