The JB Hi-Fi Limited (ASX: JBH) share price is marching higher in early afternoon trade, currently up 2.7% trading at $48.16 per share.
The electronics retailer is gaining even as the S&P/ASX 200 Index (ASX: XJO) drops, down 0.2% at the time of writing.
Below we look at the company's latest quarterly sales update and a few takeaways from the annual general meeting (AGM).
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What sales update was provided for the first quarter?
The JB Hi-Fi share price is gaining today after the company reported continued strength in customer demand, helping drive sales growth over a 2-year period.
Sales over the first quarter of the 2022 financial year (Q1 FY22) did vary and face disruptions due to COVID-19 restrictions across different states.
For the quarter ending 30 September, JB Hi Fi Australia saw a 7.5% decline in sales growth compared to Q1 FY21. However, the company noted sales growth was up 17.3% from Q1 FY20.
It was a similar story for the group's The Good Guys' sales growth. That was down 5.6% from FY21 and up 23.6% from FY20.
Management commentary
Commenting on the results, JB Hi-Fi Group CEO Terry Smart said:
While the start to this year has been significantly impacted by COVID-19 restrictions and in some states extended periods of store closures, we have demonstrated our ability to adapt and respond to continue to meet the strong demand from our customers.
The combination of our passionate and knowledgeable team members, and our multichannel offer, including our quality store locations and our established online offerings, gives us confidence as we enter the important Christmas trading period.
The JB Hi-Fi share price might also be getting a boost today from the AGM presentation, where Smart highlighted a 12.6% year-on-year increase in total sales in FY21, to $8.9 billion up from $7.9 billion in FY20.
Net profit after tax (NPAT) also leapt 67.4% higher, from $302 million in FY20 to $506 million in FY21.
And earnings per share (EPS) of 441 cents represented a 67.5% increase from the 263 cents per share posted in FY20.
JB Hi-Fi share price snapshot
The JB Hi-Fi share price has struggled this year, down 3.3% so far in 2021. That compares to a gain of 11% posted by the ASX 200.
Over the past month, JB Hi-Fi shares have gained 8.7%.
