Pinned straw:
$JBH Trading Update as part of today's AGM.
Overall LFL holding up pretty well and WOW, we are buying a lot more gadgets/higher value gadgets than pre-COVID.
The Good Guys are a bit of a drag on the show.
Disc: Not held in RL or SM
The Pre-COVID comparison is becoming a bit rich 4 years on.
While I agree that there was a massive lump for people like JB during COVID (that needs to try and be filtered out to try and explain negative YoY performance as we come down the other side of the hump) the 40% increase in sales over 4 years equates to about an 8.5% CAGR.
Inflation adjusted (CPI below) things have got 17% more expensive over 4 years as well. So real increase in sales accounting for inflation is only 4.5% CAGR.
I image the AUD's decline isn't helping either given I don't think there is anything that JB Hifi sells that is local.
DISC: Hold a small portion IRL (not in Strawman as it doesn't meet my Small Cap focus for this portfolio).