Australia’s largest electronics retailer has been smashed after warning investors of a downturn in consumer spending in the June quarter.
JB Hi-Fi, which owns the retailer of the same name, The Good Guys and e&s, on Monday revealed sales were up 4.8 per cent in the 2026 financial year and its net profit rose six per cent to about $490 million.
However, its profit was about $2 million below market expectation while revenue was off by about $5 million.
The company also revealed that sales growth at JB Hi-Fi stores was hit by supplier price rises and stock availability shortages in the technology categories.
JB Hi-Fi’s share price has fallen 11.8 per cent as of 1.20pm on Monday.
This has wiped about $1 billion from its market capitalisation.
JB Hi-Fi group CEO Nick Wells noted changes in consumer spending had impacted its recent results.
“We continue to see variability in trading, with customers increasingly looking for value and migrating spend to key promotional events,” Mr Wells said in a statement.
“As always, we will remain focused on driving demand and growing market share through creating great value offers for our customers, leveraging our strong supplier relationships to maximise stock allocations and delivering exceptional customer service.”
The company also flagged mixed results throughout July.
JB Hi-Fi Australia’s sales fell 0.5 per cent, but its New Zealand counterpart lifted 20.9 per cent over the month.
Sales for The Good Guys slid 1.7 per cent while e&s fell 2.7 per cent.
RBC Capital Markets analyst Michael Toner issued a negative rating for the stock.
JB Hi-Fi will deliver investors a full year dividend of $3.37 per share, lower than expectations of $3.57 per share.
It also announced that its former CEO Terry Smart will be appointed to the board of the company.
JB Hi-Fi chair Stephen Goddard said he was “delighted” to welcome Mr Smart back to the board.
“He has a proven track-record as one of Australia’s best retailers and has a deep understanding of the company, its businesses, and the markets in which it operates,” Mr Goddard said.
“We very much look forward to working with him again.”
JB Hi-Fi’s FY26 performance comes during a lively reporting season where BHP and CSL’s results will be shared on Tuesday, followed by Santos on Wednesday and Medibank on Thursday.