So, does team-JB believe that its crystal ball is less clouded than that of the rest of the retail world?

When I asked Smart about the JB ‘house view’ on the economic environment - the prospects for the economy, inflation, interest rates and unemployment, his response suggested that he was less concerned about the issues over which the JB management had no control.

He knows how much flexibility he has on ordering stock, he knows how much cost control leverage JB’s management has and how it can control most of the product pricing.

“We are an optimistic bunch. We plan category by category, and we believe that consumers are still spending” Smart said.

Translated his comments read - we are just a bunch of retailers who focus on what we are good at - retailing.

However, JB’s experience of supply chain issues, which have plagued most companies for the early part of the year, and remain a key reason for inflationary pressures, have jumped by 75 per cent, according to Smart. The blockages have resulted mainly from a shortage of available containers.

And then there is the whole debate about defining where JB sits on the spectrum of discretionary versus non-discretionary retailer. That is, where do its products sit between milk/bread and a new model Porsche.

According to Smart, many of JB and Good Guys products sit closer to the baked beans end of the spectrum. Its technology-tilted products are often seen as necessities rather than a luxury - like the newest Samsung or iPhone mobile or the latest computer, gaming console or even the latest HD TV.

“A lot of technology we use is so integrated into customers’ lives - they will upgrade because they desire to have the latest products,” Smart says.

JB’s confidence that it can parachute over the consumer demand cliff stems from the brand’s association with fair value - an important asset at a time when household budgets are tight. However, just how immune JB is from the ravages of a slowing economy and poor consumer confidence remains to be seen.

Despite a positive start to the current financial year, there’s considerable uncertainty in the air. JB’s share price fell yesterday in line with other discretionary retailers, including Kogan and Harvey Norman, while the broader stock market was in positive territory.

JB’s numbers would suggest it’s in solid ground, but there’s no guarantee things won’t sour once the next round of rate hikes come into play.

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