Two stocks that surged high – JB Hi-Fi Ltd and Western Areas Ltd
Strong first half results: JB Hi-Fi Ltd (ASX: JBH) stock surged over 3.19% on February 13, 2017 driven by their solid first half of 2017 results. JBH delivered an underlying NPAT rise of 31.7% year on year (yoy) to $125.4 million while statutory NPAT reached $110.4 million. The group also finished the $870 million acquisition of The Good Guys and despite a challenging start the performance is improving in the second half. The Good Guys sales for December 2016 rose 0.7% to $263.1 million as compared to the decline of 0.7% in the prior corresponding period. December 2016 earnings reached $14.3 million which was better than prior corresponding period (pcp) given the rising sales mix and good cost control. The group’s core market, Australian division performance was also outstanding during the period, wherein the sales rose 11.7% to $2.23 billion, against 8.7% in the prior corresponding period. Hardware and Services sales rose 15.8%, boosted by Communications, Audio, Cameras, Accessories, Computers and Home Appliance categories. Online sales showed a growth of 40.4% during the period as compared to pcp which now comprises 3.8% of total sales as compared to the FY16 mix of 3.0%.
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