JB Hi-Fi shares tumble despite third-quarter sales lift
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More news: Shares in JB Hi-Fi are down nearly 5% to $98.84 in early trading after a lift in March quarter sales by the consumer electronics giant failed to enthuse investors.
The retailer said sales at its flagship Australian electronics stores were up 6% on a comparable basis, while those at appliances retailer The Good Guys were up 4.1% on a comparable basis.
Chief executive Terry Smart said the group’s result came in a “challenging and competitive retail market”.
JB Hi-Fi lifts sales in March quarter
The news: Consumer electronics giant JB Hi-Fi has reported higher group sales for the third quarter sales despite difficult retail conditions.
The numbers: Total March quarter sales at its flagship Australian electronics stores were up 6.5% from a year ago, and up 6% on a comparable basis. Sales were also up 4.6% at appliances retailer The Good Guys, and up 4.1% on a comparable basis. Sales jumped 17.5% at its New Zealand electronics stores, but were up 7.5% on a comparable basis. White goods retailer e&s Trading registered a 0.9% increase in comparable sales.
The context: JB Hi-Fi CEO Terry Smart said the group’s result came in a “challenging and competitive retail market”.
“As we approach the important end of financial year trading period, we remain focused on delivering consistently high levels of customer service and exceptional value for our customers,” he added.
The source: ASX
