JBH provided this announcement today.

Q3 FY21 Sales Update JB Hi-Fi Limited (“Group”) today provides the following Q3 sales update.

1 JB HI-FI Australia

? Q3 FY21 total sales growth was 10.4% (Q3 FY20: 11.6%)

? Q3 FY21 YTD total sales growth was 19.4% (YTD FY20: 6.9%)

JB HI-FI New Zealand

? Q3 FY21 total sales growth was 16.0% (Q3 FY20: -3.3%) 

? Q3 FY21 YTD total sales growth was 11.0% (YTD FY20: -0.4%)

The Good Guys

? Q3 FY21 total sales growth was 5.8% (Q3 FY20: 13.9%)

? Q3 FY21 YTD total sales growth was 19.5% (YTD FY20: 5.4%)

So JB report a YTD sales growth of 19.4% on 2020.  Just a reminder, 2020 was a record year for sales, earnings and net profit.

JBH have also reported improved margins in NZ and the GG in the previous half year results.  Again, on the back of operating margin improvements in 2020. 

I would think even conservative estimates for EPS for 21 would have to sit at $3.10+, and I think you would have to be ultra conservative to drop that low.

That puts JBH at a maximum P/E of 15.  A super consistent performer with a dividend yield of 5%.

AND THE SHARE PRICE DROPS BY 4% IN ONE DAY ON THE BACK OF THIS ANNOUNCEMENT.

I don't know what the market was expecting but it and I clearly don't see the same thing.

I hold.