Why are JB Hi-Fi (JBH) shares rallying today?
JBH +6.86%: a strong day out for the retailer today with 2Q sales figures coming in better than feared. JB Hi-Fi said that sales for their Australian business was up 1.2% on the 2nd quarter of last year, The Good Guys adding 2.8% while the New Zealand business fell -3.4% largely due to lockdowns. The 1H looks to have come in better than the market expected with many fearing a tangled up supply chain would weigh on the key quarter’s performance. Unaudited EBIT and Net Profit were both ~9% below 1HFY21, but still a decent beat to expectations. The CEO saying households upgrading technology and appliances drove the solid performance. The commentary also helped comp Harvey Norman (HVN) rally today.