JB Hi Fi AGM Today: Update Expected
The Company which is holding its AGM in Melbourne today, overcame weak retail conditions to achieve 10 per cent profit growth last financial year, but sales in July were down due to falling demand for iPads and other tablet devices.
Currently the Company is expanding into the appliance market with 72 new JB Hi Fi Home stores set to come online.
In August, chief executive Richard Murray said improving sales of TVs and gaming consoles were hoped to offset the downward trend.
Analysts are tipping JB Hi Fi as a “Buy”.
Motley Fool wrote ‘The specialty retailer is just above its $14.35 low at an 11 price-earnings ratio and sporting a very attractive 5.8% yield fully franked. It has been sold off heavily since almost touching $20 a share in early August.’
Retailing in general may not be roaring, however, it may have struck a bottom, based on monthly trend estimates from the Australian Bureau of Statistics. April and May have seemed to be low points with the last several months holding up better.