JB Hi-Fi Reports 2.6% Comparable Sales Growth in Australia for Q3 FY26

Mixed Sales Performance Across Regions

JB Hi-Fi Limited (ASX:JBH) reported a mixed bag of sales results for the third quarter of fiscal 2026, with Australia and The Good Guys posting modest gains while New Zealand sales fell sharply. Comparable sales growth in JB Hi-Fi Australia came in at 2.6% for Q3 FY26, a slowdown compared to earlier quarters, while The Good Guys held steady with a 2.5% increase. In contrast, JB Hi-Fi New Zealand saw a 4.8% decline in comparable sales, dragging the group’s overall growth. This marks a notable reversal from the strong New Zealand momentum seen in Q1 FY26, when sales surged 39.3% in that market, highlighting the volatility in that region’s retail environment.

Year-to-date figures paint a similar picture, with JB Hi-Fi Australia up 4.4% on a comparable basis and The Good Guys rising 3.6%, while New Zealand remains in negative territory at (1.5%) comparable sales. Total sales growth for the group stood at 4.0% in Australia and 23.2% in New Zealand for Q3, reflecting some offset from non-comparable items and acquisitions such as e&s, which held flat at 2.5% comparable and (1.4%) total sales growth for the quarter.

Supply Chain Headwinds and Competitive Intensity

Group CEO Nick Wells flagged several headwinds affecting the technology categories as JB Hi-Fi approaches the crucial end-of-financial-year trading period. He highlighted significant supplier component cost increases and ongoing stock availability shortages, which are squeezing margins and complicating inventory management. The company is also bracing for intensified competition, which could put further pressure on pricing and promotional activity.

Wells emphasised the company’s strategy to focus on controllable factors, including leveraging strong supplier relationships and delivering exceptional customer service to maximise demand. This approach aims to navigate the uncertain retail environment without compromising value for customers, a message consistent with JB Hi-Fi’s recent operational updates and dividend strategy outlined earlier in the year.

Positioning Ahead of Full Year Results

JB Hi-Fi’s Q3 sales update arrives on the back of a robust first half of FY26, where the company posted a 7.3% revenue increase and a 7.1% rise in net profit, accompanied by a fully franked interim dividend of 210 cents per share. The sales slowdown in New Zealand contrasts with the earlier surge in that market, underscoring the challenges of sustaining growth amid supply chain disruptions and competitive pressures. Meanwhile, The Good Guys continue to deliver steady growth, contributing to the group’s diversified revenue streams.

Investors will be watching how these supply cost pressures and sales trends evolve through the end of FY26, especially given the importance of the June quarter to the consumer electronics retail calendar. The company’s emphasis on customer value and supplier partnerships will be critical to managing margin impacts and inventory risks in the months ahead.

JB Hi-Fi’s trajectory in FY26 will likely hinge on navigating these operational headwinds while maintaining the momentum built in prior periods, a balancing act that will be closely scrutinised as the group releases its full-year results.