JB Hi-Fi has reported solid sales growth at its namesake Australian stores as the retailer prepares for the important end-of-year trading period.
Same-store sales at its JB Hi-Fi stores in Australia grew five per cent in the September quarter, the same level as a year ago.
Same-store sales growth decelerated at The Good Guys, falling from 5.0 per cent growth to 2.4 per cent, while its new e&s furniture chain recorded same-store sales growth of 0.7 per cent.
In New Zealand, same-store JB Hi-Fi sales were up 24.3 per cent, compared with just 2.7 per cent growth a year ago.
“We don’t call it too early, because we’ve got plenty of work to do in New Zealand, but I think we’re starting to see that point 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 that is largely market share driven,” Mr Wells said, meaning JB Hi-Fi has been taking sales from competitors.
Mr Wells said he thought the company’s overall sales growth was “pretty solid”.
“You can see that momentum continuing through the quarter,” he said.
“Obviously, we’re entering an important period now with the second-quarter promotional period, but we’re coming in with good momentum.
“We’ve got some really strong promotions planned. We’re in a good stock position. We’re optimistic about the next quarter.”
JB Hi-Fi plans to open five new Australian JB Hi-Fi stores in 2025/26 and close one, while opening three more JB Hi-Fi stores in New Zealand.
JB Hi-Fi recently expanded e&s into Tasmania for the first time, adding a store in Hobart – its only e&s store opening planned this financial year.
“That’s early days, but showing promising signs,” Mr Wells said.
JB H-Fi paid $47.8 million in 2024 to take a 75 per cent stake in e&s, a white goods supplier with 10 showrooms in Victoria and one in the ACT.
“E&S is only a small business today, but we do have growth ambitions for that business,” Mr Wells said.
“The last 12 months, we’ve been really just focused on trying to get the foundations right and set that business up for future success …
“We’ve got a bit more work to do on those systems and processes and people, and then once we get that right, we’ll start to look to roll out that brand.”
JB Hi-Fi shares were down 3.1 per cent to $109.96 late Thursday afternoon, but were still 16.4 per cent up so far in 2025.
Australian Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national newswire and has been delivering accurate, reliable and fast news content to the media industry, government and corporate sector for 85 years. We keep Australia informed.
