JBH Sales up

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By :  ,  Financial Analyst

JB Hi-Fi provided 2018 full year results. The total sales grew by 9.4% to $4.54bn, with comparable sales up 6.2%. The software sales were down 8.5% and on a comparable basis were down 11.2% as a result of an acceleration in the decline in the Movies category but partially offset by growth in the Games Software category.

Annual underlying profit rose 12.3 percent, beating expectations, as it took into account a full year's contribution from its home appliances business.  Net profit, excluding significant items, for the year ended June 2018 was A$233.2 million, compared with an average expectation of A$230.41 million,

For the 2019 financial year JB expects total sales of about A$7.1 billion and a final dividend of 46 cents per share, same as last year has been declared.

This is an outstanding result considering the Australian consumer sentiment Index has been slipping during 2018, along with tepid wage growth and inflation rates remaining subdued for 2018.

Taking a look at the Weekly chart for JBH the clear closing price support level is $22.00. This support level has been in place from the June period 2017. We don’t have the capability today to limit the discount to trades moving forward, we will need to apply discount to ALL volume traded in a given month.

JB HiFi CFD Weekly Mid

The Daily chart is showing more detail of price support. The Pivot point reversal has extended to today’s opening continuation Gap.
Relative strength Indicator (14) has moved over the key “50” level, this only indicates positive price momentum is underway.

The Daily chart also highlights the larger Gap up to $25.50, the potential is for this to be filled in future price movements.  The important Stop loss is set at $21.85.

JB HiFi CFD Daily Mid

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