JB Hi-Fi posts strong quarterly growth, but year-on-year sales down

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Trans-Tasman electronics retailer JB Hi-Fi says it is “pleased” with its first-quarter performance as it built continuing sales momentum across the business.

For the three months to September 30, sales growth compared with the June quarter was 14.6 per cent for JB Hi-Fi Australia, 12.3 per cent for The Good Guys and 27.7 per cent for New Zealand.

However, when compared with the same quarter a year earlier, like-for-like sales were down 7.9 per cent in Australia, 6.4 per cent in New Zealand and 6.1 per cent at The Good Guys.

Group CEO, Terry Smart, said that in an uncertain retail environment with household budgets under increasing pressure, customers gravitate to trusted value-driven retailers.

“Our ongoing strategy of providing customers with the best value and outstanding service every day will ensure our brands continue to deliver for our customers.”

Analyst Ben Gilbert, head of Australian research for Jarden, said there are few signs of a slowing in overall consumer spending and he expects JB Hi-Fi to trade well over Christmas.

“Our industry discussions suggest the market remains rational, with the mix unchanged, suggesting gross merchandise sales likely in line with the previous corresponding period.

“High-frequency data suggests household goods trends are moderating with house prices as one of the single biggest drivers of spending.”

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