JB Hi-Fi Shares Are Rocketing After Shoppers Are Seen Spending Again

Getty/Adam Berry

JB Hi-Fi shares took off after the retailer said it’s seeing signs that shoppers are spending again.

CEO Richard Murray told the company’s AGM today that retail trading conditions have been challenging since about May.

“However it is pleasing to see a return to growth in sales in September and October, which we believe places us in a good position as we move into the key Christmas trading period,” he says.

Product releases, including the launch of the new iPhones and Microsoft Surface 3, combined with improved stock availability of both the PS4 and Xbox One gaming consoles, have helped in returning to sales growth.

“These products will help to drive sales through the Christmas period,” he says.

JB Hi-Fi says it’s on track for total sales in the 2015 financial year of about $3.6 billion.

The home entertainment product company’s shares are trading up about 10% to $16.16.

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