JB Hi-Fi will report sales of $9.2 billion for FY22 representing 3.5% growth year-on-year, according to preliminary financial results released in a company trading update.
Earnings before interest and tax (EBIT) increased 6.9% to $795 million and net profit after tax (NPAT) increased 7.7% to $544.9 million during the financial year.
The growth was supported by strong online sales, up 52.8% to $1.6 billion, representing 17.6% of total sales.
“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 restrictions eased and customers returned to shopping in-store, while continuing to shop online,” JB Hi-Fi Group CEO, Terry Smart said.
For the period 1 April to 30 June 2022, JB Hi-Fi Australia recorded 11.6% growth in total sales with comparable sales up 10.9%. Total sales at The Good Guys increased 7.8% during the quarter with comparable sales up 7.3%, while both total sales and comparable sales for JB Hi-Fi New Zealand rose 7.7%.
The Group will release its full year audited statutory results on 15 August 2022.