The retail sector gained a crucial insight into how the industry is performing as the impact of the Government’s stimulus package fades, with JB Hi-Fi reporting that its first quarter sales were in line with expectations.
Speaking at today’s annual general meeting in Melbourne, chief executive Richard Uechritz said the company’s comparable store sales for the three months to 30 September were up 8.4% and “in line with expectations”.
“While the economic outlook remains unclear, we are encouraged by recent signs the Australian economy and consumers are feeling more confident than this time last year,” he told the meeting.
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James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
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