JB Hi-Fi Confirms 2019 Guidance Despite Amazon Growth
UPDATE – JB Hi-Fi has narrowly missed a ‘first strike’ against it remuneration report, with around 21% of shareholders voting against the report – slipping below 25% to warrant a strike.
JB Hi-Fi Chief Executive, Richard Murray, has confirmed the group’s fiscal 2019 guidance, despite retail industry disruption and the expansion of Amazon Australia.
Speaking at its AGM today, Mr Murray asserts JB Hi-Fi is on track to meet its guidance of ~$7.1 billion in total sales for 2019, up from $6.8 billion in 2018.
The retail group is pledging solid performance, despite a flat first quarter result from The Good Guys.
As previously reported, JB Hi-Fi post a 12.3% lift in full-year group net profit to $233.2 million in 2018, following a 21.8% jump in total sales.
For the twelve months to June 30th, comparable sales jumped 6.2%, whilst earnings per share lift 9.2% to $203.1 million.
JB Hi-Fi affirms it will maintain its market leading position in 2019, despite intense market competition and e-commerce growth from the likes of Amazon Australia and Kogan.com.
After purchasing The Good Guys in 2016, the whitegoods and appliances retailer has continued to face market pressure, slashing prices to meet rivals.
For the period July 1st to September 30th, like for like sales at The Good Guys spiked 1%, with sales up 2.3%.
Shares in JB Hi-Fi dipped 0.42% to $23.47 by 10.47am.