At JB Hi-Fi’s annual general meeting in Melbourne yesterday, chief executive Richard Uechritz declared the company’s comparable store sales in the three months to September 30 had increased by 8.4 per cent and were “in line with expectations.”
“While the economic outlook remains unclear, we are encouraged by recent signs that the Australian economy and consumers are feeling more confident than this time last year,” Uechritz said.
“Coupled with JB’s focus on home entertainment and with the all important Christmas and New Year trading periods ahead of us, the company remains confident that it will meet market expectations,” he said. “We maintain our previous sales guidance for 2009-2010 of circa $2.8 billion or a 20 per cent increase on last year.”
The news comes as welcome relief for Australian retailers, who have been eagerly awaiting results in the wake of the Government’s fading stimulus package. Concerns that retail sales would dwindle as the effects of the stimulus package wore off have abated to a degree and consumers appear to remain willing to spend.