The Good Guys Are Not So Good for JB Hi-Fi Group’s Margins
No-moat-rated JB Hi-Fi’s management provided a trading update for the third quarter of 2018, taking the opportunity to update its profit guidance. While top-line growth is tracking our fiscal 2018 estimate and management’s unchanged full-year expectation of AUD 6.85 billion, competitive pressures felt at The Good Guys are squeezing gross margins. Guidance for net profit after tax, or NPAT, is now AUD 230 million, about 3% lower than the midpoint of the previous guidance range of AUD 235 million ...JB Hi Fi is engaged in the retailing of home consumer products. Co. provides a range of brands with particular focus on consumer electronics, software including music, games and movies, whitegoods and appliances.
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