JB Hi-Fi sees worst day in nearly five months as sales growth slows

JB Hi-Fi

13/02/2023 01:02

** Shares of JB Hi-Fi Ltd   JBH.AX  fall as much as 4.7% to
A$44.50, set for their worst day since Sept. 23 - if losses hold
    ** The electronics retailer says sales growth has started to
moderate in Australia from the elevated levels seen in 1H FY23;
adds it's entering an uncertain period 
    ** Reports total sales growth for JB Hi-Fi Australia of 2.5%
in January vs a 4.3% growth in Jan 2022  urn:newsml:reuters.com:*:nFWN34Q32B 
    ** However, co reports a net profit after tax for HY of
A$329.9 million ($227.83 million), up 14.6% on prior
corresponding period; declares an interim dividend of 34 AU
cents per share 
    ** "We expect sales momentum to fade into 2H23 earnings as
the retail headwinds of interest-rate rises, cost of living and
increased travel gradually take hold," according to Citi
analysts 
    ** Shares hit their lowest since Jan. 9 
    ** Stock has risen ~11.1% this year, as of last close
($1 = 1.4480 Australian dollars)
 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))