The JB Hi-Fi Limited (ASX: JBH) share price is pushing higher on Tuesday morning.
At the time of writing, the retail giant's shares are up 5% to $43.08.
Why is the JB Hi-Fi share price rising today?
Investors have been bidding the JB Hi-Fi share price higher today after the retailer released an update on its performance in FY 2022.
According to the release, JB Hi-Fi had a strong fourth quarter despite concerns about inflation and rising living costs. This ultimately led to the company's sales and earnings reaching record levels for the full-year.
Based on unaudited results, it expects to report the following for FY 2022:
- Sales up 3.5% to $9,232 million
- EBIT up 6.9% to $794.6 million
- Net profit after tax up 7.7% to $544.9 million
What happened in the fourth quarter?
The retail giant finished the year in style with strong comparable store sales achieved across all its brands during the fourth quarter.
JB Hi-Fi Australia reported comparable store sales of 10.9% and total sales of 11.6% during the quarter. This underpinned a 4% increase in sales for FY 2022.
It was a similar story for the JB Hi-Fi Zealand business, which delivered comparable store and total sales growth of 7.7% for the fourth quarter. This took its full year sales into positive territory at 0.3%.
Finally, The Good Guys business was on form and reported a 7.3% lift in comparable store sales and a 7.8% increase in total sales during the three months. As a result, The Good Guys delivered total full year sales growth of 2.7%.
Another positive was the company's online sales. Across the company, online sales were up 52.8% to $1.6 billion in FY 2022. This means that they now represent 17.6% of total sales.
Management commentary
JB Hi-Fi's Group CEO, Terry Smart, was pleased with the 12 months. He said:
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-19 restrictions eased and customers returned to shopping in-store, whilst continuing to shop with us online.
It is a credit to our over 13,000 team members who continue to remain focused on providing outstanding customer service and worked tirelessly to deliver this record result.
