2023-03-31
HONG KONG, March 31, 2023 – 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, today reported its financial results for the fiscal year ended December 31, 2022.
“I am pleased with all we accomplished in 2022 while navigating a challenging global macro environment,” said Wang Xuning, Chairman and Chief Executive Officer of JS Global. “We continued to grow market share in both existing and new categories across the key markets in which we operate. Major product launches in 2022 have already seen incredible success, as they were a key factor in driving a strong finish to the year and are now providing us with significant momentum in 2023. JS Global is highly differentiated by the strength of our brands and our high quality, rapid product innovation that consistently delivers extraordinary value to our consumers globally. We look forward to 2023 as we remain focused on our strategy to deliver sustainable, long-term growth by driving increased sales of our existing products as well as combining powerful technology with appealing designs to develop innovative new products.”
Fiscal Year 2022 Financial Results and Commentary
· Revenue was US$5,041.2 million for the fiscal year, a decrease of 2.1% compared to the prior year period. On a constant currency basis, revenue increased by 0.7%.
o SharkNinja’s revenue was US$3,715.9 million for the fiscal year, flat compared to the prior year period. On a constant currency basis, revenue increased by 2.4%.
o Joyoung’s revenue was US$1,325.3 million for the fiscal year, a decrease of 7.7% versus the prior year period. On a constant currency basis, revenue decreased by 3.7%.
· Profit was US$357.5 million for the fiscal year, a decrease of 22.4% versus the prior year period.
· Adjusted Net Profit was US$425.6 million for the fiscal year, a decrease of 15.3% versus the prior year period.
· Profit Attributed to Owners of the Parent was US$332.3 million for the fiscal year, a decrease of 21.0% versus the prior year period.
· Adjusted Net Profit Attributed to Owners of the Parent was US$393.8 million for the fiscal year, a decrease of 15.1% versus the prior year period.
· EBITDA was US$624.5 million for the fiscal year, a decrease of 12.2% versus the prior year period.
· Adjusted EBITDA was US$673.0 million for the fiscal year, a decrease of 8.2% versus the prior year period.
Recent Business Highlights
· JS Global’s revenue has grown by 67.1 % compared to 2019 led by the continued success and expansion of the Shark and Ninja brands, as well as gross profit growth of 66.9% compared to 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 32.0% to 34.6%1, cooking appliances declined from 27.4% to 26.2%2, and food preparation appliances grew from 33.4% to 36.1%3 in the U.S.
Balance Sheet and Cash Flow Highlights
· As of December 31, 2022, cash and cash equivalents were US$504.1 million, outstanding debt (total borrowings) was US$857.1 million, and gearing ratio (calculated as the total debt (including interest- bearing bank borrowings and lease liabilities) divided by total equity) was 45.6%
· Capital expenditures were US$165.3 million for the fiscal year, compared to US$ 149.6 million in the prior year period.
· JS Global had 3,447,463,000 fully diluted shares outstanding as of December 31, 2022.
Source:
1. The NPD Group/Retail Tracking Service, U.S. dollar sales, January-December 2022 vs. January–December 2021. “Cleaning appliances” include Bare Floor Cleaners, Upright Vacuums, Stick Vacuums, Robotic Vacuums, and Hand Vacuums
2. The NPD Group/Retail Tracking Service, U.S. dollar sales, January-December 2022 vs. January–December 2021. “Cooking appliances” include Air Fryers, Fryers, Electric Grills, Other Electric Grills/Griddles, Multi-Cookers, and Toaster Ovens
3. The NPD Group/Retail Tracking Service, U.S. dollar sales, January-December 2022 vs. January–December 2021. “Food preparation appliances” include Juice Extractors, Traditional Blending, Kitchen System, Single Serve Blending & Processing, and Traditional Food Processors
4. Global Small Home Appliance Industry Independent Market Research, Frost & Sullivan, March 2023
Company Contacts
Mars Chen, Investor Relations Manager, JS Global Lifestyle
Investor Relations
ir@jsgl.com