JB Hi-Fi entering holiday period with ‘good momentum’
JB Hi-Fi has reported solid sales growth across its namesake Australian stores as the retailer prepares for the crucial year-end trading period.
Same-store sales at JB Hi-Fi stores in Australia rose five per cent in the September quarter, the same level as the previous year.
Same-store sales growth at The Good Guys slowed, falling from 5.0 percent growth to 2.4 percent; The new e&s furniture chain recorded a 0.7 percent growth in same-store sales.
In New Zealand, same-store JB Hi-Fi sales rose 24.3 percent, compared with just a 2.7 percent increase the previous year.
“We’re not saying it’s too soon because we’ve got a lot of work to do in New Zealand, but I think we’re starting to see where our investment is starting to resonate,” group chief executive Nick Wells told shareholders at the company’s annual general meeting on Thursday.
“It’s still not an easy market in New Zealand, so it’s very much based on market share,” Mr Wells said, meaning JB Hi-Fi was taking sales from rivals.
Mr. Wells said he thought the company’s overall sales growth was “pretty solid.”
“You can see that momentum continuing throughout the quarter,” he said.
“Obviously, we are entering an important period with the second quarter promotion period, but we are coming with good momentum.
“We’re planning really strong promotions. We’re in a good inventory position. We’re optimistic for the next quarter.”
JB Hi-Fi plans to open five new Australian JB Hi-Fi stores and close one in 2025/26, and a further three JB Hi-Fi stores in New Zealand.
JB Hi-Fi recently expanded e&s to Tasmania for the first time, adding a store in Hobart; It was the only e&s store scheduled to open this fiscal year.
“This is early days but it is showing promising signs,” Mr. Wells said.
JB H-Fi paid $47.8 million in 2024 to acquire a 75 per cent stake in white goods supplier e&s, which has 10 showrooms in Victoria and one in the ACT.
“E&S is just a small business today, but we have growth ambitions for the business,” Mr. Wells said.
“Over the last 12 months, we have focused on getting the foundations right and building the business for future success…
“We’ve got some more work to do on these systems, processes and people, and once we get it right, we’ll start rolling this brand out.”
JB Hi-Fi shares were down 3.1 percent to $109.96 on Thursday afternoon, but are still up 16.4 percent so far in 2025.
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