Home > Industry > Finance > JB Hi-Fi Recovers On ASX

JB Hi-Fi Recovers On ASX

JB Hi Fi shares, which tumbled nine percent on Wednesday, reflecting problems with assimilation  of the Good Guys home appliance chain, recovered on the ASX yesterday, finishing the day at $23.65, up 37c, but still well below the peak of $29.23 recorded in January.

Wednesday’s plunge had followed the revelation that JB had cut its forecast for a net profit of $235 million to just $230 million.

JB had acquired The Good Guys in September 2016 in an $870 million deal, and forecast $20 million in synergies over two years.

CEO Richard Murray this week told a Sydney conference that a warm start to winter and discounting had weighed on The Good Guys’ profit margins.

You may also like
Retailers Beware: Aussie Shoppers Will Spend Much Less This Christmas
EXCLUSIVE Laser Corporation Vs The Crest Company Employee Stoush, ‘Not About JB Hi Fi’
Surge In iPhone Pre Orders Today But Don’t Expect Too Much In 5G Coverage
OZ Company BlueAnt Takes On The Big Sound Brands Backed By Big Retailers
Aussie Supply Chains Slip, As Retail Business Soars