JB Hi-Fi Shares Down 6% As Consumer Market Falls
After falling more than 8 per cent in early trading, stocks in JB Hi-Fi remain down by more than 6 per cent in the afternoon, as consumer retail shares plummet across the board.
Woolworths stocks are down 6.25 per cent, as of 3.40pm on Thursday May 19, while Wesfarmers have fallen 7.25 per cent, and Harvey Norman 5.46 per cent.
The culprit appears to be US-based Target, who posted lower-than-expected quarterly earnings, and suggested it would absorb higher prices rather than raise prices.
Target shares fell 25 per cent to US$162, the company’s largest single-day percentage decrease since 1987.
The entire S&P/ASX 200 was off 1.6 per cent to 7,068.5 by midday.