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Australian Investment Blog

ASX:JBH 12/06/2020

JB Hi Fi (JBH) sales boosted

JB Hi-Fi (JBH) -4.24%: following Harvey Norman’s updated yesterday, competitor JB Hi FI updated the market after withdrawing guidance in late March. Now with a little more clarity, earnings locally were given a boost by the shutdowns with Australian JB Hi Fi stores seeing 2H sales growth of 20% on last year, and the Good Guys adding 23%. New Zealand’s more onerous shutdowns meant that sales fell 19% in stores across the ditch, though this is a far smaller segment for the group. The company now expects profit of $300-$305m for the full year, more than 20% higher than FY19, and around 3.5% above analyst expectations. JBH shares were lower today though, following the broader market, though the update was a good one, its clearly already priced in. Investors now look to FY21 – has the pandemic brought JBH sales forward, or will they be able to maintain some of the growth? We think its overcooked on the upside. JB Hi Fi (JBH) Chart JBH Daily Chart

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