JB HiFi and 1 other quality ASX share to buy right now

Here we look at two quality ASX shares that I think are solid buys right now: JB Hi-Fi Limited (ASX: JBH) and Wesfarmers Ltd (ASX: WES).

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With interest rates looking to stay at historic lows for some time to come, investing your money in a bank account or term deposit can actually negatively impact your long-term wealth. This is because, after you have factored in the impact of inflation, your investment can actually be going backwards. By comparison, ASX shares have returned on average around 9% to 10% per annum over the past few decades.

Here we look at two quality ASX shares to consider adding to your portfolio. Both are in my buy zone right now.

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Two ASX shares I think are solid buys right now

JB Hi-Fi Limited (ASX: JBH)

Electronics retailer JB Hi-Fi has performed solidly in recent months, despite the challenges posed by the coronavirus crisis. The JB Hi-Fi share price saw a sharp decline during the early phase of the pandemic. It dropped from $44.71 in early February, to $23.50 in late March. The retailer however, subsequently recovered all of those share price losses and is currently trading at $44.91.

JB Hi-Fi reported strong revenue growth during 2H20 in the period up to early June. Demand has been particularly strong in recent months for technology products, such as laptops, used in remote working, learning and communication.  

Over the past decade, JB Hi-Fi has been one of Australia's stronger performing ASX shares, with its share price up by over 137% during this time. JB Hi-Fi also pays a strong annual dividend yield of 3.6%, fully franked.

Wesfarmers Ltd (ASX: WES) 

The trend in the Wesfarmers share price during the coronavirus pandemic has followed a very similar path to that of JB Hi-Fi. The Group's share price was significantly impacted initially during February to March, however since then it regained nearly all of those share price losses.

The recent rally in the Wesfarmers share price has been partly driven by  strong demand for its online retail offerings during the pandemic. Like JB Hi-Fi, demand for remote learning products has been strong in its Officeworks division. Bunnings also has experienced strong growth.

I am particularly attracted to Wesfarmers right now as it is a highly diversified business. This diversification provides a buffer to various parts of the economic cycle, especially during challenging economic times like we are currently facing.

In addition, Wesfarmers currently pays a strong annual dividend yield of 3.3%, fully franked.

Foolish takeaway

JB Hi-Fi and Wesfarmers are two quality ASX shares that I would be happy to own as part of my investment portfolio. Both have recently benefited from the changes in consumer behaviour resulting from coronavirus. But, equally as important, I believe both are well positioned for long-term growth. In addition both companies pay attractive fully franked dividends.

Motley Fool contributor Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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