JBH +2.75%: the retailer came through with a small beat to expectations at their FY23 results today, however, FY24 has started slowly as the crunch on discretionary spending picks up. Margins fell across all three segments (JBH Australia, New Zealand and The Good Guys), however, record revenue of $9.6b, up 4%, supported earnings with NPAT at $525m being 5% ahead of consensus expectations. The company didn’t provide firm FY24 guidance but they did note a slowdown in sales for July for their larger brands – JB Hi-Fi Australia -1.8% and The Good Guys -12%, saying that recently there has been a noticeable shift in consumer trends with greater variance between categories. Investors were largely negatively positioned heading into the results with ~8% of shares short-sold for the retailer. JBH hit a 6 month high today.
MM is neutral JBH
Add To Hit List
