The JB Hi-Fi Limited (ASX: JBH) share price has avoided the market selloff and is rising on Wednesday.
In afternoon trade, the retail giant's shares are up 1% to $45.03.
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Why is the JB Hi-Fi share price rising?
Investors have been bidding the JB Hi-Fi share price higher today after the company released a sales update.
Although the retailer revealed that its sales have now started to moderate, they still appear to be better than the market was expecting.
According to the release, JB Hi-Fi Australia reported sales growth of 0.8% compared to the prior corresponding period, whereas JB Hi-Fi New Zealand delivered sales growth of 10.8% on local currency terms.
Things weren't quite as positive for The Good Guys brand, which reported a 3.8% decline in third-quarter sales.
Though, it is worth noting that all three brands continue to report sales well-above pre-COVID levels. In fact, sales are up 38.8%, 30.1%, and 22.4%, respectively, compared to the same period in FY 2019.
In addition, the company's financial year to date sales are still in positive territory despite its slowing growth in the third-quarter. JB Hi-Fi Australia sales are up 6.5%, New Zealand sales are up 14.5%, and The Good Guys sales are up 3.8%.
Management explained the drivers of its result. It said:
The Group is pleased with the Q3 FY23 trading result, with sales continuing to be well above pre Covid FY19. As anticipated, sales growth has started to moderate from the elevated levels seen in the first half of FY23, but the Group's trusted value-based offerings have continued to resonate with our customers and grown market share.
The JB Hi-Fi share price is now up 7% since the start of the year.
