JB Hi Fi Shares Fall As Sales Evaporate

JB Hi-Fi shares have fallen as much as 6.2% to $56.250 as suppliers struggle to deliver forecast sales and retailer’s struggle.

Comparable sales growth was down 0.3% in Q3 vs down 0.1% a year ago. In New Zealand comparable sales growth was down 2.9% vs growth of 10.8% a year ago.

At The JB Hi Fi owned The Good Guys comparable sales growth was down 7.3% vs growth of 3.8% a year ago.

Recently ChannelNews exclusively reported that LG Electronics sales had fallen 21% in Australia.

Also down were Netgear and Sonos sales as brands struggle with stock levels in the Channel with retailers adjusting the stock they carry in a downturn market.

Overall, JB Hi Fi stock is up 7.7% this year.

Retail Group Super Retail who is behind Rebel Sports, Supercheap Auto and Boating, Camping and Fishing, saw their shares fall 4.9%.

Catriona Burns a lead portfolio manager at Wilson Asset Management told the AFR the economy is seeing a “very mixed consumer”, with older generations withstanding the higher interest rate environment far better than those under 35 years old”.

Also, down over 4% was Harvey Norman and Temple & Webster.

Recently the ABS reported retail sales volumes dropped in the March quarter to mark their fifth fall in six quarters.

About Post Author

David Richards

David Richards has been writing about technology for more than 30 years. A former Fleet Street journalist, he wrote the Award Winning Series on the Federated Ships Painters + Dockers Union for the Bulletin that led to a Royal Commission. He is also a Logie Winner for Outstanding Contribution To TV Journalism with a story called The Werribee Affair. In 1997, he built the largest Australian technology media company and prior to that the third largest PR company that became the foundation company for Ogilvy PR. Today he writes about technology and the impact on both business and consumers.