It's been a decent, if unspectacular, day for the S&P/ASX 200 Index (ASX: XJO) so far this Tuesday. At the time of writing, the ASX 200 has gained a tentative 0.18% and is up to just under 7,830 points. But the performance of the JB Hi-Fi Ltd (ASX: JBH) share price has been anything but unspectacular.
JB Hi-Fi shares are having a blast this Tuesday. This ASX 200 electronics and appliances retailer closed at $72.98 a share yesterday after touching a new record high during intra-day trading. That was in addition to recording a stunning gain of 8.33%.
However, those same shares opened at $74.77 each this morning before going on to hit another new all-time high of $75.42 just after market open.
At present, JB Hi-Fi stock has pulled back a little from that new high watermark but is still up a chunky 3.01% at $75.18.
So, what's going on with JB Hi-Fi shares this Tuesday that has seen the company hit this additional record?
Why has the JB Hi-Fi share price just hit another new record high?
Well, it looks as though today's gains for the JB Hi-Fi share price are an extension of yesterday's goodwill in response to JB Hi-Fi's latest earnings report.
As we covered yesterday, JB Hi-Fi impressed its investors with its numbers for the 12 months to 30 June 2024.
That was despite the company reporting a 0.4% drop in total sales to $9.59 billion, and a 16.4% fall in net profit after tax (NPAT) to $438.8 million.
However, JB Hi-Fi also revealed a new acquisition – kitchen, laundry and bathroom retailer E. & S. Trading Co – as well as a big special dividend worth 80 cents per share.
So it might be these developments that have sparked this tangible excitement over JB Hi-Fi shares, or perhaps JB Hi-Fi merely outperforming low earnings expectations.
Either way, investors clearly have this earnings report to thank for both yesterday's and today's new record highs for the JB Hi-Fi share price.
JB Hi-Fi share price snapshot
As today's new record high implies, the JB Hi-Fi share price has had a stunning few months. Right now, JB Hi-Fi is sitting on a 38.33 % gain over 2024 to date. The retailer is up an even more compelling 55.2% over the past 12 months and around 100% since mid-2022:
At the current JB Hi-Fi share price, this company has a price-to-earnings (P/E) ratio of 18, with a trailing dividend yield of 3.63%.
Let's see what comes next for this ASX retail share.
