<WIRE> Citi Raises Sales Concerns for JB Hi-Fi (ASX:JBH) Amid Challenging Economy

Citi analysts express concern about the future sales trajectory of JB Hi-Fi’s The Good Guys brand.

The Good Guys, a major home appliances and consumer electronics retailer in Australia, was founded in 1952.

The brokerage anticipates potential further gross margin pressure for JB Hi-Fi (ASX:JBH) in an increasingly challenging trading environment.

The company’s ability to manage costs is criticized, predicting potentially more earnings pressure.

The company recently reported FY23 Group earnings before interest and tax of A$769 million ($498.62 million), which is 4% higher than market consensus.

Citi views the company’s FY23 results as surpassing the bearish market expectation.

JB Hi-Fi (ASX:JBH) is a leading Australian retailer of consumer goods, notably home appliances and electronics.

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