June 10, 2020 / 11:23 PM / a month ago

Australia's JB Hi-Fi issues new, higher forecast as domestic sales surge

June 11 (Reuters) - Australia’s JB Hi-Fi Ltd issued fresh annual financial forecast that was higher than its previously withdrawn guidance, as the electronics retailer saw a jump in sales at its domestic stores through the coronavirus pandemic.

The company now expects 2020 adjusted net profit after tax to be between A$300-A$305 million ($209.73-$213.23 million) and sales of around A$7.86 billion.

It had earlier forecast profit of between A$265-A$270 million on revenue of A$7.33 billion, before withdrawing the guidance amid uncertainty created by the pandemic. ($1 = 1.4304 Australian dollars) (Reporting by Shashwat Awasthi in Bengaluru; Editing by Himani Sarkar)

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