Australia's JB Hi-Fi gains on consensus-beating FY results

JB Hi-Fi

14/08/2023 02:29

** Shares of consumer electronics co JB Hi-Fi  JBH.AX  gain
as much as 2.9% to A$48.6, their highest since Feb 2 
    ** Co says full-year net profit after tax came in at A$524.6
mln ($339.78 mln), down 3.7% on previous year but beat market
consensus of A$507 mln, according to UBS 
    ** Posts record annual sales of A$9.63 bln, up 4.3% from the
prior corresponding period, amid challenging retail environment;
declares lower dividend of 115 AU cents per share 
    ** July sales in line with group's expectations, continuing
elevated sales from pcp
    ** Shares see best day since July 27 - if gains hold 
    ** Stock had risen ~12.5% this year, as of last close

($1 = 1.5307 Australian dollars)


 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))