Stocks of the Hour: Redbubble, Rio Tinto & JB Hi-FiCraig Foley
As flagged in previous outlook statements, Redbubble (ASX:RBL) already flagged to investors to expect negative growth due to the cycling of strong prior years, particularly in mask sales. Today they’ve given the same warning again to prepare investors that financial year 2022 revenue is going to be lower. Shares are trading 21.4 per cent lower at $2.35.
Meanwhile, Rio Tinto (ASX:RIO) has been plagued by a labour shortage which affected its output that fell over the year, however the financial year 2022 guidance was broadly in line. For the quarter, the mining giant had it tough with above average rainfall, cultural heritage management and delays with replacement tie-in projects. Shares are trading 1.8 per cent lower at $108.09.
Online sales in JB Hi-Fi (ASX:JBB) soared 62.6 per cent last year to $1.1 billion, representing 22.7 per cent of total sales, however the electronics retail giant has flagged that for the 6 months to December, its net profit after tax is set to fall by 9.4 per cent. The company expects to see continued heightened customer demand. Shares are trading 7 per cent higher at $49.91.
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Source: Finance News Network