What does the market look like when things go back to normal?

Wow.

It’s not every day that a category-killing retailer that’s been at the top of its game for more than a decade grows half-yearly profits by 80%!

Then again, 2020 wasn’t exactly an ordinary year.

And the profit growth for June–December was actually 86.2% if you don’t mind, off the back of a 23.7% increase in sales.

Online sales grew a phenomenal 162%.

And the share price?

At the time of writing, it was up 0.22%.

No, not 22%

Not 2.2%

Zero. Point. Two. Two. Per Cent.

The reason? Well, JB Hi-Fi Limited (ASX: JBH) had released its sales numbers in mid-January.

And, short of an unexpected splurge in expenses, the market was right to extrapolate that strong sales growth into an even stronger jump in profits.

Still, I was a…