JBH -4.77%: Knocked lower following a 3Q update while they didn’t provide FY22 sales and earnings guidance, saying that there was too much uncertainty. Goldmans made some comments today that I thought were relevant with a slowing housing cycle and increasing supply-chain issues in Shanghai and Shenzhen ports creating challenges for JBH. Overall, JBH reported Australia comparable sales y/y up +11.1% while N.Z. comparable sales were up +4.8% & The Good Guy s+5%. Q4 is an important one in retail land and these supply chain issues are being a big variable for the importers.
MM is neutral JBH at best
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