JB Hi-Fi reaffirms sales guidance despite slowdown

Due to delay in key product releases.

JB Hi-Fi has announced that sales growth in September and October moderated due to changes in the timing of key product releases and elevated comparable sales growth in the previous corresponding period (pcp).

Total sales growth year to date for the JB Hi-Fi business was 6.2% compared to 14.3% for the pcp, with comparable sales growth of 3.2% compared to 10% in the pcp. Total sales growth year to date for The Good Guys business was 3.1%, with comparable sales growth of 2.4%.

JB Hi-Fi CEO, Richard Murray said, “We reaffirm our FY18 Group sales guidance of total sales of circa $6.8 billion (JB Hi-Fi $4.65 billion and The Good Guys $2.15 billion) and expect the market to remain competitive as retailers drive for market share in the lead up to the key Christmas trading period.

“In JB Hi-Fi and The Good Guys, we believe we have two unique and relevant brands, particularly in the eyes of our customers. With a customer focused, flexible business model built on diversity of product categories, a globally low cost of doing business and the opportunity to realise meaningful synergies from the strength and scale of the combined group, we are confident we will maintain our market leading competitive position.”

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