JB Hi-Fi (ASX:JBH) share price edges lower on FY21 earnings

Sales momentum was strong for JB Hi-Fi in FY2021, with heightened customer demand for consumer electronics and home appliances.

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The JB Hi-Fi Limited (ASX: JBH) share price is backtracking on Monday morning as the retailer reported its full-year FY21 earnings.

At the time of writing, JB Hi-Fi shares are down 0.21% to $48.22.

Let’s take a look and see how the company performed for the period.

JB Hi-Fi share price jumps on record result

The JB Hi-Fi share price accelerated after the company delivered another record result for the 12 months ending 30 June 2021. Here are some of the key highlights:

What happened in FY21 for JB Hi-Fi?

Sales momentum continued throughout the year for JB Hi-Fi, with heightened customer demand for consumer electronics and home appliance products.

Online sales grew 93% to $780 million or 13.1% of total sales, underpinned by growth categories across the retailer’s portfolio. This included communications, computers, games hardware, visual, and small appliances.

In addition, the group maintained its investment in online and supply chain operation. The company upgraded its websites during the period and expanded delivery and warehouse options.

JB Hi-Fi also released its FY21 Sustainability Report today. The initiative focuses on developing its people, communities, and minimising its impact on the environment from waste and greenhouse gases from its operations.

What did management say?

JB Hi-Fi incoming group CEO Terry Smart commented on the record achievement:

… our team members across Australia and New Zealand who have worked tirelessly throughout this period and delivered another record result. Our continued focus on the customer, combined with the strength and competitive advantage of our multichannel offer, be it in-store, online or over the phone, has enabled us to seamlessly meet our customers’ increased demand.

What’s next for JB Hi-Fi shares?

Looking ahead, JB Hi-Fi noted that it has experienced some disruption to its sales base from the current COVID-19 lockdowns.

While the situation remains unpredictable and fluid, the company could not provide sales and earnings guidance for FY22. 

Smart went on to talk about the versatile business:

While it remains an uncertain retail environment, we have continued to demonstrate our ability to adapt and respond. The combination of our passionate and knowledgeable team members, our multichannel offer, including quality store locations and established online offerings, and our ongoing investment in our supply chain gives us confidence in the outlook for the business.

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