Very impressive from the management team in my opinion
- JB AU sales continue to hold at +38-39% of pre-COVID FY19 sales, and Good Guys has stabilised at +20-25% of FY19
- GM% remains strong as promotions are mostly funded by JBH suppliers
Of course Good Guys profitability will go backwards with sales going backwards, but another case of overly pessimistic broker forecasts for FY24. Brokers will now be upgrading their FY24 numbers as:
- Brokers were expecting a bigger fall in JB AU sales than the July trading update suggests
- Good Guys has held onto its strong GM% whereas brokers had that coming down considerably in FY24
Cost deflation out of China + shipping costs coming back down to earth is supporting lower COGS. Same picture painted in the NCK result last week
Strong balance sheet with net cash
Inventory is in a healthy spot with it turning above 7x per year, which is faster than it was pre-COVID
Very impressive from the management team in my opinion- JB AU...
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