Citi flags sales concern for Aussie retailer JB Hi-Fi on challenging macro

JB Hi-Fi

14/08/2023 20:43

** Analysts at Citi raise concern about the sales trajectory
of Australia's JB Hi-Fi's  JBH.AX  The Good Guys brand in the
near future
    ** The Good Guys is one of the country's major home
appliances and consumer electronics retailer that was founded in
1952
    ** Brokerage sees potential for further gross margin
pressure for JB Hi-Fi under an increasingly challenging trading
environment
    ** Criticizes the business's ability to manage costs, says
there might be more earnings pressure
    ** Co on Monday reported FY23 Group earnings before interest
and tax of A$769 million($498.62 million), 4% higher compared to
market consensus
    ** Citi looks at co's FY23 results as a beat to the market's
bearish expectations
    

($1 = 1.5423 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))