JB Hi-Fi Limited (ASX: JBH) has given investors a trading update for the first quarter of FY19 at its AGM.
JB Hi-Fi is one of Australia’s largest retailers with its network of The Good Guys and JB Hi-Fi stores.
Trading update:
The company reported that for the first quarter Australian JB Hi-Fi sales were up 5.3%, and comparable sales growth was 3.4%. The Good Guys sales growth for the first quarter was 2.3% and this came with comparable sales growth of 1%.
New Zealand JB Hi-Fi sales grew by 4% and this was helped by comparable sales growth of 9.8%.
JB Hi-Fi CEO Richard Murray remained upbeat about the company’s prospects:
“With a customer focused, flexible and dual branded business model built on a diverse product offering, the best brands at low prices…we are confident we will maintain our market leading competitive position.”
FY19 sales guidance
In the company’s 2018 financial year it generated total sales of $6.9 billion. The retailer is guiding FY19 total sales to be around $7.1 billion. This would represent growth of around 3%.
The JB Hi-Fi share price is down 1.3% this morning in early trade according to Google Finance.
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