Business Don't miss out on the headlines from Business. Followed categories will be added to My News. JB Hi-Fi boss Terry Smart says consumers are increasingly viewing technology such as iPhones, laptops and plasma TVs as a “must have” despite the cost of living crisis with sales at its JB Hi-Fi New Zealand and The Good Guys arms accelerating to Christmas.
The strong momentum in sales was evident in a quarterly sales update provided at the JB Hi-Fi annual general meeting in Melbourne on Thursday, with sales growth between July and the end of September ahead of market forecasts to drag the share price 6 per cent higher. Mr Smart told The Australian after the AGM there was strong growth recently out of New Zealand for JB Hi-Fi as well as its whitegoods retailer The Good Guys while its flagship Australian JB Hi-Fi stores were showing sales trajectory consistent with updates in August but this was due mostly to the timing of new tech releases. In the current market and economic settings, shoppers still wanted to buy up technology but were demanding value - which was JB Hi-Fi’s sweet spot.
“The cost of living crisis does impact, but our brands are all about value and at these cost of living crisis points people look for value and I think that is what we are benefiting from at the moment,” Mr Smart told The Australian on the sidelines of the AGM. “And we are benefiting from selling tech that is a ‘must have’, that people just want to have and they want to get that t.
