0039 GMT - Australian retail sales data have bolstered Citi's conviction in JB Hi-Fi and Harvey Norman. The data showed a 6.7% increase in sales in the electrical category in the three months through December. Analyst Adrian Lemme notes JB Hi-Fi typically grows much faster than this official measure. So, Citi sees material upside to consensus expectations of 5% like-for-like sales growth by JB Hi-Fi in the December quarter. Its own forecasts are for 8.4% growth. "Harvey Norman also looks well positioned into results given the improvement in the Electrical and Furniture categories," Citi says. It expects Australia's central bank to cut interest rates three times this year, starting this month. "This should further support the consumer recovery we have been forecasting," Citi says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 03, 2025 19:39 ET (00:39 GMT)
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