The JB Hi-Fi Limited (ASX: JBH) share price has fallen over 12% after the company gave its coronavirus update to the ASX.
What did the retailer announce?
JB Hi-Fi gave a trading update for sales between 1 January 2020 and 22 March 2020.
Total sales growth for JB Hi-Fi Australia was 9.1% with comparable sales growth of 8.8%. The sales decline for JB Hi-Fi New Zealand was 2% with a comparable sales decline of 2%. The total sales growth for The Good Guys was 10.4% with comparable sales growth of 10.4%.
The company saw a strong performance for both Australian businesses as they provided retail and commercial customers with essential products needed for COVID-19 including tech items needed for remote working, learning & communication and home appliances for food storage and preparation.
The retailer also said it was doing a number of things to assist with maintaining the health of everyone with extensive cleaning of all locations, managing areas in its stores to ensure social distancing and encouraging cashless transactions.
What about the balance sheet and the outlook?
The company said that whilst it's pleased with its performance to date it said there is uncertainty because of the coronavirus, so management have withdrawn previously announced FY20 sales and earnings guidance.
But it has said that the company's balance sheet remains strong and the company has "significant headroom" in its facilities and covenants.
Is the JB Hi-Fi share price a buy?
The share price is only back to where it was a year ago, so it hasn't actually fallen that far yet. It obviously looks cheaper than before, but I think some shares are trading at more attractive value than before.
