JS Global Reports Interim Financial Results for the Six Months Ended June 30, 2022

JS Global Lifestyle Company Limited (Stock code: 1691.HK) (“JS Global” or the “Company”), a world-leading producer of small household appliances that operates three major brands: Shark, Ninja and Joyoung, reported its interim financial results for the six months ended June 30, 2022.

“I am pleased to report that we maintained our level of revenue while navigating challenging macroeconomic conditions and after seeing tremendous growth in 2021 and 2020,” said Wang Xuning, Chairman and Chief Executive Officer of JS Global. “Despite global headwinds, we were able to grow market share in every major category in which SharkNinja operates in the U.S. The successful launch of new categories in the second half of 2021 also contributed meaningfully to our revenue during the first half of 2022. Innovation is at the core of who we are at JS Global. I am thrilled at what is to come as we remain focused on our long-term objectives while adhering closely to our proven strategy.”

2022 Interim Financial Results and Commentary

  • Revenue was US$2,232.2 million for the six months ended June 30, 2022, flat compared to the same period in the prior year. On a constant currency basis, revenue increased by 0.8%.
    – SharkNinja’s revenue was US$1,593.2 million for the six months ended June 30, 2022, flat compared to the same period in the prior year. On a constant currency basis, revenue increased by 1.2%.
    – Joyoung’s revenue was US$639.0 million for the six months ended June 30, 2022, a slight decrease of 0.6% versus the same period in the prior year. On a constant currency basis, revenue decreased by 0.3%.
  • Profit was US$180.9 million for the six months ended June 30, 2022, a decrease of US$36.7 million, or 16.9% versus the same period in the prior year.
  • EBITDA was US$302.2 million for the six months ended June 30, 2022, a decrease of US$34.0 million, or 10.1% versus the same period in the prior year.
  • Adjusted EBITDA was US$318.4 million for the six months ended June 30, 2022, a decrease of US$32.1 million, or 9.2% versus the same period in the prior year.
  • Adjusted net profit attributed to owners of the parent was US$188.9 million for the six months ended June 30, 2022, a decrease of US$26.1 million, or 12.1% versus the same period in the prior year.
  • Basic EPS attributable to ordinary equity holders to the parent was US$0.048 for the six months ended June 30, 2022, a decrease of US$0.009, or 15.8% versus the same period in the prior year.
  • Diluted EPS attributable to ordinary equity holders to the parent was US$0.048 for the six months ended June 30, 2022, a decrease of US$0.009, or 15.8% versus the same period in the prior year.

Recent Business Highlights

  • JS Global’s revenue has grown by 80.6% compared to the first half of 2019 led by the continued success and expansion of the Shark and Ninja brands, as well as gross profit growth of 86.6% compared to the first half of 2019.
  • Shark brand remains the #1 vacuum brand in the U.S., while Ninja brand continues to be the #1 brand in small kitchen appliances in the U.S.. Our market share within cleaning appliances grew from 30.8% to 34.4%[1], cooking appliances from 25.2% to 25.4%[2], and food preparation appliances from 32.5% to 35.2%[3] in the U.S..

Balance Sheet and Cash Flow Highlights

  • As of June 30, 2022, cash and cash equivalents were US$550.9 million, outstanding debt (total borrowings) was US$975.2 million, and gearing ratio (calculated as the total debt (including interest- bearing bank borrowings and lease liabilities) divided by total equity) was 54.5%.
  • Capital expenditures were US$69.4 million for the six months ended June 30, 2022 compared to US$53.9 million in the same period in the prior year.
  • JS Global had 3,408,381,000 fully diluted shares outstanding as of June 30, 2022.

 

Kenneth Naquin

Kenneth Naquin is a journalism graduate with keen interest in covering news – specifically startups. He has as a keen eye for technologies and has predicted quite a few successful startups over the last couple of years. His goal with this website is to report accurately on all kinds of stock news, and have a great deal of passion for Finance and active reporting. Kenneth is diligent and proactive when it comes to news reporting.

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