The JB Hi-Fi Ltd (ASX: JBH) share price is charging higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) electronics retailer closed yesterday trading for $77.91. In morning trade on Thursday, shares are changing hands for $80.48 apiece, up 3.3%

For some context, the ASX 200 is down 0.1% at this same time.

Here's what's going on.

JB Hi Fi share price lifts on sales growth

Two announcements released this morning could be helping boost the JB Hi-Fi share price today.

First, the ASX 200 retailer released a first-quarter trading update covering the three months to 30 September.

On that front, the company achieved growth in both its Australian and New Zealand JB Hi-Fi businesses as well as the Good Guys.

Management reported:

• Total sales growth for JB HI-FI Australia of 4.9% with comparable sales growth of 5.0%
• Total sales growth for JB HI-FI New Zealand of 19.6% with comparable sales growth of 2.7%
• Total sales growth for The Good Guys of 5.3% with comparable sales growth of 5.0%

Following on the update, Cit analyst Adrian Lemme said (quoted by The Australian), "Ahead of the important 2Q25 trading period, we make no changes to our forecasts and expect JB Hi-Fi Australia and the Good Guys to report 6.5% and 4% LFL sales growth respectively for 1H25."

Citi has a buy rating on JB HI-Fi shares with an $85 price target. That represents a potential upside of almost 6% from current levels.

JB Hi-Fi also held its annual general meeting (AGM) today.

What happened at the ASX 200 retail stock's AGM?

Also potentially offering a lift to the JB Hi-Fi share price today, CEO Terry Smart reviewed the company's strong performance over FY 2024 and cast his gaze ahead into FY 2025 at the AGM.

As for the financial year just past, Smart said:

FY24 was another strong year with Group sales of $9.59 billion, Group EBIT of $647.2 million and earnings per share of 401.4 cents per share. The total ordinary dividend for FY24 was 261 cps, representing 65% of NPAT.

In addition to the total ordinary dividend, the Group declared and paid a special dividend of 80 cps fully franked, or $87.5 million.

The Group's balance sheet continued to be strong with low financial and operating leverage and closing net cash of $302.7 million at 30 June 2024.

Atop the early FY 2025 trading update we covered above, Smart also noted that in September, JB Hi-Fi completed the acquisition of 75% of kitchen, laundry and bathroom product company e&s. e&s has 10 showrooms in Victoria and online, and one showroom in the ACT.

Smart said that in FY 2025, JB Hi-Fi will keep its focus on five core areas:

• Retail execution & value promotion
• Multichannel growth
• New Zealand expansion
• Commercial growth
• Supply chain optimisation

With today's intraday boost factored in, the JB Hi-Fi share price is up an impressive 78% in 12 months.