JB Hi-Fi downgrades net profit forecast

Company News

by Anna Napoli

JB Hi-Fi (ASX:JBH) has announced sales growth of 6.8 per cent for the third quarter of the 2018 financial year an increase of over 2 per cent on the same time last year.

Total sales  growth for the year to date was 9 per cent compared with 6.3 per cent for the prior corresponding period.

The retailer has reduced its total group net profit forecast to $230 million from a range of $235-240 million.

The company says unfavorable weather and challenging conditions in the home appliance market have impacted The Good Guys sales.

Shares in JB Hi-Fi (ASX:JBH) down 6.92 per cent to $23.80.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.