JB Hi-Fi reports $11.06B annual sales

• JB Hi-Fi recorded total annual sales of $11.06 billion and a net profit of $489.9 million.
• The JB Hi-Fi share price dropped to $81.71 despite the retailer increasing its total dividend by 22.5%.
• The company stated that maintaining a low cost of doing business remains its primary competitive advantage.

JB Hi-Fi (ASX:JBH) posted a 4.8% increase in annual sales to $11.06 billion amidst an uncertain retail environment. EBIT came to $734.4 million.

Net profit after tax reached $489.9 million, marking a 6% statutory improvement compared to the prior year. EPS climbed to $4.48.

"We continue to see variability in trading, with customers increasingly looking for value and migrating spend to key promotional events, along with impacts from supplier price rises and stock availability shortages in the technology categories," said JB Hi-Fi Group CEO Nick Wells.

 The Australian division reported $7.42 billion in sales, with online revenue growing 7% to $1.28 billion.

Over at The Good Guys division, total sales increased by 2.7% to $2.94 billion, with comparable sales up 2.7%.

The company stated it would leverage scale, and following the announcement, the JB Hi-Fi share price was down at $81.71.

Statutory earnings before interest and tax climbed 5.8% to $734.4 million for the reporting period.

The board announced a final ordinary dividend of $1.27 per share, up 21%, bringing the total ordinary dividend to $3.37 per share.