2346 GMT - While JB Hi-Fi's 1H earnings were very strong, Jefferies expects a weaker gross profit margin to dominate the conversation. JB Hi-Fi beat EBIT expectations for every division in 1H and its January sales stayed robust. Still, JB Hi-Fi's gross margin of 22.12% was 19 basis points lower than a year earlier at the group level, with margins in its JB Hi-Fi Australia business falling below pre-Covid levels for the first time. Analyst Michael Simotas also notes JB Hi-Fi's cautious outlook given uncertainty in the retail market and ongoing competition, but says management is typically conservative. JB Hi-Fi is up 0.3%. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 09, 2025 18:46 ET (23:46 GMT)
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