Sales boosted at JB Hi-Fi (JBH)
JB Hi-Fi (JBH) +4.8%
Another strong result for JBH – without the benefit of a strong online offering (only 8% of sales). Top line sales beat expectations for FY20 coming in at $7.92bn v $7.88bn while underlying NPAT was $332.7 versus $328m expected (not $302m as suggested in the recording this morning – that was statutory profit). They spoke to strength in the first part of FY21, particularly in online (coming from a low base) with total sales growth in July 21 of 42.1% year on year which is clearly strong and the reason why the SP popped today. A really strong performance from JB as the run on the retailers continues.
Here’s comments from Danny Younis (our analyst) on the broader sector: Online is where it’s at for retailers atm, notably the pure online leaders KGN, RBL, MMM, TPW and those accelerating their presence (SSG, ADH, CCX, AX1, etc) – with anticipated upside to BNPL players too: APT, Z1P, OPY, SPT, SZL. Even the laggards who have long resisted online have finally succumbed (COL/WOW/Bunnings/NCK/LOV) and those with exceptional business models (solid LFL sales growth, strong margins, low CODB, high sales per sqm, optimal inventory control, prudent cost control, online acceleration model, etc) with low online penetration (like NCK and JBH) continue to outperform with stellar results.
JB Hi-Fi (JBH) Chart
