JB Hi-Fi backs profit guidance despite sales slowdown
Consumer electronics retailer JB Hi-Fi has reaffirmed its full-year earnings guidance despite slower than expected sales growth.
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JB Hi-Fi now expects total sales for the year ending June 30 to rise 5.3 per cent, compared with a previous forecast for 6 to 8 per cent growth.
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The new guidance suggests that JB-Hi-Fi, like many discretionary retailers, has experienced a sharp drop in sales growth momentum in the June quarter.
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However, JB Hi-Fi still expects to report full-year net profit between $126 million and $129 million, up 8.3 per cent to 10.8 per cent.
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nMore than half a dozen retailers including Pacific Brands, Super Retail Group, Funtastic, footwear chain RCG Group and Noni B have downgraded earnings forecasts in the last month after a sharp fall in sales post the May budget. Sydney Morning Herald – Read more…
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