Playing the profits game
Retailer JB Hi-Fi is considered by analysts as a bit of a barometer of consumer sentiment, and yesterday, its 3.7% decline in profit was warmly received. What the? The result was expected to be much worse… Boss Terry Smart said he was pleased with the result, which included total sales growth of 4.3%. Mobile phone sales and gaming consoles were the strongest, but white goods were not selling well. That reveals mixed tidings for the rest of the economy, with the results showing “heightened uncertainty in the retail environment,” according to Smart.
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