Insights

JB Hi-Fi (ASX:JBH) share price soaring on record sales

The JB Hi-Fi share price is trading 3% higher today after the company announced a positive unaudited half year report.
The post JB Hi-Fi (ASX:JBH) share price soaring on record sales appeared first on The Motley Fool Australia. –

jb share price christmas boom represented by santa holding a hi-fi stereo

The JB Hi-Fi Limited (ASX: JBH) share price has taken today off as the company announced strong sales in the first half of FY21. Shares in the retailing giant are currently trading 3.05% higher at a price of $52.32.

It has been a great 6 months for the retailer, which has outpaced the S&P/ASX 200 Index (ASX: XJO) by 13%.

Strong sales momentum

JB Hi-Fi reported strong sales throughout the first half, as elevated customer demand continued for electronics and home appliance products. This, combined with growth in online sales that were up 161.7% to $678.8 million, helped to offset the government-mandated temporary store closures due to COVID-19.

In terms of the company’s group sales, The Good Guys delivered the strongest sales across the board, up 26.4%. As a whole, the group grew sales by 23.7% in the first half, reaching a record value of $4,941.2 million.

Moreover, gross margins were well managed, leading to strong improvements in key categories. This was underpinned by The Good Guys, but offset by sales mix in JB Hi-Fi Australia and New Zealand.

As a result of good cost control combined with the strong growth in sales, operating leverage received a meaningful boost. What’s more, 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.

Comments from the CEO

JB Hi-Fi CEO Richard Murray, welcomed the strong results, saying:

We are pleased to report record sales and earnings for HY21, in what has been an extraordinary period. 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.

The CEO went on to thank the company’s 13,000 employees, saying they have “continued to do an incredible job and worked tirelessly throughout this period”. 

The JB Hi-Fi share price is trading strongly on the news today. Its half year audited results are due for release on 15 February.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post JB Hi-Fi (ASX:JBH) share price soaring on record sales appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!