JB Hi-Fi shares gain on Q1 sales growth
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More news: Shares in JB Hi-Fi advanced on the ASX in morning trade after the electronics retailer posted 5% sales growth in the September quarter.
JB Hi-Fi shares were up 5.7% to $82.34 by 12:15pm AEDT, making it the third best performing stock across the ASX 200.
E&P Capital said first-quarter sales growth was stronger than expected for JB Hi-Fi Australia and its white goods retail business The Good Guys. Sales momentum over the first quarter, relative to July, moderated for JB Hi-Fi Australia but accelerated for The Good Guys.
E&P retail analyst Phillip Kimber said he expects upgrades of 2% to 4% to consensus estimates following the Q1 result.
JB Hi-Fi posts 4.9% first-quarter sales growth
The news: Consumer electronics retailer JB Hi-Fi reported total sales growth of 4.9% in the September quarter, boosted by a double-digit rise in New Zealand.
The numbers: JB Hi-Fi said that total sales growth for its New Zealand business was 19.6% year on year, while sales growth for its appliance chain The Good Guys was 5.3%.
The context: The group said it is pleased with its first-quarter sales, as well as the performance of white goods retailer e&s Trading during the month of September.
JB Hi-Fi bought a 75% stake in premium kitchen, laundry and bathroom products retailer e&s last month for $47.8 million.
The sources: ASX announcement, E&P research
