JB Hi-Fi voices caution despite record sales growth

Electronic retailer JB Hi-Fi, which also owns The Good Guys, has expressed caution about the retail market despite its record sales growth.

In the six months ending December 31, the group saw total sales reach $6.1 billion, a 7.3 per cent increase from the year before. Net profit after tax (NPAT) climbed 7.1 per cent to $305.8 million

“We are pleased to report record sales and strong earnings for HY26, as we built on the momentum of the previous year,” group CEO Nick Wells said.

“In a retail environment where customers are seeking value, our brands continue to resonate strongly and our teams continue to execute to a high standard.”

The Good Guys generated $1.58 billion across the period, representing a 4.1 per cent increase. Gross profit margin increased by 20 basis points to 23.32 per cent.

“Whilst we are pleased to see sales growth continue in January in JB Hi-Fi and The Good Guys, cycling strong sales in the prior year, we remain cautious given the uncertainty in the retail market and the continued competitive activity,” Wells added. 

“As always, we will remain focused on maximising demand through driving great value for our customers and delivering consistently high levels of customer service.”

The group’s homeware retailer, E&S, saw a large 56.8 per cent uplift in sales. Across the group, inventory increased by 6.7 per cent to $1.4 billion.

“We are grateful to our over 16,000 team members whose continued focus on our customers and ability to adapt and respond has helped to deliver another strong half year result,” Wells said.

JB Hi-Fi is now looking to expand its store portfolio and delivery options. Four new stores and one closure are planned for JB Hi-Fi Australia, three openings are planned in New Zealand, and one new store is planned for E&S.

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