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Market Analysis Dividend Shares

JB Hi-Fi Share Price Up on Impressive Earnings (ASX:JBH)

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By Carl Wittkopp, Monday, 17 August 2020

JB Hi-Fi Ltd [ASX:JBH], one of Australia’s leading retailers of electronic goods, announced its full-year results recently, with the company recording significant growth. The JBH share price was trading at $49.95 at the time of writing, JB Hi-Fi not only clawed back its losses...

JB Hi-Fi Ltd [ASX:JBH], one of Australia’s leading retailers of electronic goods, announced its full-year results recently, with the company recording significant growth.

The JBH share price was trading at $49.95 at the time of writing, JB Hi-Fi not only clawed back its losses from the start of the COVID-19 pandemic, but now has surpassed its most recent all-time high.

ASX JBH share price chart 1

Source: Optuma

 

What’s been happening at JB Hi-Fi?

Back in February 2020, JB Hi-Fi had been trading at an all-time high of $46.09. Then disaster struck in the form of COVID-19, sending the price tumbling down 54.89% into the March low.

While the fall in stock price may have worried some, there was a massive shift in people’s shopping habits as many were forced to stay home and/or work from home.

For JB Hi-Fi, this put a rocket under its online sales, with total online sales across the group growing by 48.8% to $597.5 million, representing 7.5% of total sales, with Q4 sales up 134.3%

Overall, this boosted the company massively:

  • Sales up 11.6% to $7.9 billion
  • Underlying EBIT up 30.5% to $486.5 million
  • Dividend per share up 47 cents per share or 33.1% to 189 cents per share

These results become even more impressive when considering JB Hi-Fi doesn’t give customers access to popular payment facilities, such as those provided by Afterpay Ltd [ASX:APT] or Zip Co Ltd. [ASX:Z1P].

With the pandemic still ongoing and the state of Victoria currently in stage four lockdown, foot traffic to the usual brick-and-mortar stores is down.

But this is being balanced by a significant acceleration in online sales in Victoria in the first 11 days following the stage four temporary store closures.

Where to from here for JB Hi-Fi’s share price?

ASX JBH - JB Hi-Fi share price chart 2

Source: Optuma

 

With the share price trading at $49.95 at the time of writing, this pushed through the resistance level of $49.50. Should the momentum continue and push through further, then the levels of $53 and $56 may provide future resistance.

If price is to turn and retrace, the previous all-time high level of $46 or $43 may be enough to halt the decline.

Regards,

Carl Wittkopp,
For Money Morning

PS: Four well-positioned small-cap stocks: These innovative Aussie companies are well-placed to capitalise on post-lockdown megatrends, and two are growing players in Australian e-commerce. Click here to learn more.

All advice is general advice and has not taken into account your personal circumstances.

Please seek independent financial advice regarding your own situation, or if in doubt about the suitability of an investment.

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All advice is general in nature and has not taken into account your personal circumstances. Please seek independent financial advice regarding your own situation, or if in doubt about the suitability of an investment.

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