JB Hi-Fi shares fall after retailer misses sales target and watches profit drop 7.6%

Shares in electronics and entertainment retailer JB Hi-Fi have fallen over 3% this morning after the company reported missing its sales target by $250 million, along with declines in both same-store sales and statutory profit.

Chief executive Terry Smart has also said he expects the trading environment to remain challenging over the next year, but insists the company will continue innovating, including with the introduction of an online music streaming service for mobile devices.

“We are pleased with our results in what was a challenging period for retail,” Smart said in a statement.