- Consumer electronics store JB Hi-Fi today announced to shareholders its sales guidance going forward for the 2020 financial year
- In a media release, the company says it will expect to net $7.25 billion in total from sales across Australia, New Zealand and its owned-store, The Good Guys
- As for how the company has fared through the early stages of the 2020 financial period, sales are up from its Australian stores by 4.7 per cent
- Shares in the company have grown 6.77 per cent today, trading for $36.45 each
Popular electronics store JB Hi-Fi has seen its shares jump 6.77 per cent today after announcing strong targets for the rest of the financial year.
In a media release to shareholders, it appears the company has benefited off record low interest rates and tax offsets to put up its targets for a stronger financial year ahead and blitz sales during the September quarter.
For the first quarter of the 2020 financial year, total sales across JB Hi-Fi’s Australian stores grew 4.7 per cent. Stores in New Zealand travelled slightly behind with a growth of 3.8 per cent.
White goods and electronics store The Good Guys, bought by JB Hi-Fi in 2016 for $870 million, dropped the ball on its growth however. Sales across The Good Guys stores dropped by 0.5 per cent for the quarter.
At a Melbourne shareholder meeting today held by the group, CEO Richard Murray made his address on a strong business ethic.
“The core of our proposition has always been, and will always remain, our unwavering focus on our customer,” he said.
Group management reaffirmed its targets for the rest of the 2020 financial year — eying a total sales performance of roughly $7.25 billion.
“In closing, in JB HI-FI and The Good Guys, we believe we have two unique and relevant brands, particularly in the eyes of our customers,” Richard said.
From its Australian stores, the company is expecting $4.84 billion and for its New Zealand stores to contribute much less at $240 million.
From The Good Guys, management is expecting a $2.18 billion performance.
“With a customer focused business model built on a diverse product offering, deep relationships with our suppliers, a high quality multichannel offer and exceptional customer service, we are confident we will maintain our market leading competitive position. I look forward to another exciting and successful year in FY20,” he concluded.
Since shares in JB Hi-Fi have gained 6.77 per cent on the market, its share price is sitting at $36.45 each. The company’s market cap is currently valued at $3.922 billion.