ASX to drop as tech stocks pull Wall Street down

has posted record sales and earnings for fiscal 2022, with online revenue jumping more than 50 per cent, as shoppers returned to stores as COVID-19 restrictions eased.

Terry Smart, CEO of JB Hi-Fi at its Chadstone store in Victoria, said the retailer posted record sales and earnings in fiscal 2022.Group revenue rose 3.5 per cent to $9.3 billion from a year ago, supported by strong same store sales growth of 10.9 per cent in its Australian business in the last quarter of the year.

JB is the first major retailer to show the previous financial year was a boon but did not provide any hard sales outlook. It did, however, say it was facing a number of different, state-based, COVID-19 restrictions in the prior year period, including store closures in greater Sydney and Victoria. Many market watchers believe the rising cost of living and higher prices for petrol and food will hurt discretionary retailers this new year.

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