Are Australians bunkering down at home and spending money on consumer electronic products?
The answer is yes says JB Hi Fi CEO Richard Uechtritz who earlier today reported that sales and earnings for the first quarter were well up on the previous year. “Sales for the first quarter were on budget and earnings for July and August were ahead of budget, as margins remain solid combined with good cost control,” the retailer told the ASX. This contrasts sharply with Harvey Norman Holdings results who last week reported an 18 percent slide in profit for July and August. Uechtritz said “It does appear that consumers are still spending on consumer electronic goods however they are bargain shopping. They still want a flat panel TV or home theatre kit and we are confident moving forward”.
