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Tech retailer JB Hi Fi reports HY23 results | JB Hi Fi (ASX:JBH)

Grady Wulff
February 13, 2023

Technology retailer JB Hi-Fi (ASX:JBH) released first half results this morning with performance coming in, in-line with Bell Potter and Citi expectations, but just short of Consensus expectations.

For the half, JB Hi-Fi reported total sales rose 8.6% to $5.28 billion driven by elevated demand for consumer electronics and home appliances INCLUDING well executed Black Friday and Boxing day sales. EBIT rose 14% over the half to $479.2 million, NPAT increased 14.6% to $329.9 million, and EPS rose 20.4% to 301.8cps. An interim dividend was announced, up 20.9% to 197cps or $1.97/share.

The company also owns The Good Guys which experienced a 7.3% rise in total sales to $1.54bn over the half, driven by key growth in Refrigeration, laundry, floorcare, visual and Audio sales.

Notably, the company failed to provide any quantitative outlook for the second half of FY23 which we have seen investors punish companies for on the share price front this reporting season already.

The company’s CEO Terry Smart said trading conditions starting to normalise following two-years of COVID-disruptions. “Our relentless focus on providing the best value and high levels of customer service every day, both in store and online, continues to resonate with our customers.”

As markets expect a decline in consumer spending on discretionary goods over the coming months in this high interest rate environment, we may see some headwinds faced for JB Hi-Fi to come over the second half of FY23.

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