JB Hi-Fi issues trading update

Sales slow for JB, improve for TGG.

Despite recording positive sales growth, JB Hi-Fi has confirmed increased volatility for the Christmas quarter and January and a bias in customer purchasing towards key promotional periods, including Black Friday, Boxing Day and Australia Day.

In January 2019, total sales growth was 3% for JB Hi-Fi Australia, down from 7.5% in January 2018. Comparable sales growth was 1.5%, down from 4.8% in 2018. JB Hi-Fi Australia plans to open four new stores in 1H19 and one new store in 2H19, and close two stores in 2H19.

Total sales growth for JB Hi-Fi New Zealand was -1.8%, an improvement from -2.0% in January 2018, with comparable sales growth of 4.1%, up from 2.1% in the previous corresponding period. One JB Hi-Fi NZ store will close in 1H19.

The Good Guys total sales growth was 1.8%, up from -3.5% in the pcp, with comparable sales growth of 0.3%, up from -4.7% in the pcp. Two The Good Guys stores have opened in 1H19.

For FY19, total group sales are expected to be circa $7.1 billion, comprising $4.73 billion from JB Hi-
Fi Australia, $240 million from JB Hi-Fi NZ and $2.15 billion from The Good Guys. Total group NPAT is expected to be in the range of $237 million and $245 million, an increase of 1.6% to 5.1% on the pcp.

JB Hi-Fi Group CEO, Richard Murray said, “We are pleased with our performance in the important first half of FY19. We are clear on our objectives for the next six months and are excited by the outlook for the business.”

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