TLDR
JB Hi-Fi's Australian comparable store sales fell 1.4 per cent in the first quarter of 2026-27, and the retailer says sales have slowed in October as customers wait for promotions such as Black Friday. The update came before its annual meeting on Thursday.
KEY TAKEAWAYS
Australian shoppers are holding back on electronics and appliances until the discounts arrive, JB Hi-Fi says, after its comparable store sales in Australia fell 1.4 per cent in the first quarter of the financial year.[1]
"The group continues to see variability in trading and heightened competitive activity, with customers remaining focused on value and increasingly shopping during promotional events," the retailer said in an update ahead of its annual meeting on Thursday. Sales slowed in October as customers waited for Black Friday and Christmas trading.[1]
A bellwether for the Christmas season
JB Hi-Fi is watched closely as a guide to how much Australians are willing to spend on discretionary goods, and the update points to households that are spending, but on their own timing. The retailer said it will "continue to focus on driving demand and growing market share through creating great value offers for its customers".[1]
The shares have been under pressure since August, when JB Hi-Fi flagged a softer start to the year and they fell 12.3 per cent in a day to $71.65, a bigger one-day fall than at the start of the COVID-19 pandemic. Chief executive Nick Wells told investors then that promotional periods had become more important as customers sought value.[1] The stock closed at $70.66 on Wednesday.[1]
The update lands days before the Reserve Bank's decision on Tuesday, where markets expect a fifth interest rate rise this year after inflation rose to 4.3 per cent. JB Hi-Fi made a net profit of $489.9 million in 2025-26, up 6 per cent, on sales of $11.06 billion.[1]
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