UPDATE: JB Hi-Fi has just announced impressive sales figures as it gears up for the critical holiday shopping season. The retailer reported a solid 5% growth in same-store sales at its Australian locations for the September quarter, maintaining the momentum seen last year.
Meanwhile, The Good Guys experienced a decline in growth, dropping from 5.0% to 2.4%, while the newly launched e&s furniture chain achieved a modest 0.7% growth. In stark contrast, JB Hi-Fi’s New Zealand operations surged, with same-store sales skyrocketing by 24.3% compared to just 2.7% a year prior. This significant increase highlights the effectiveness of JB Hi-Fi’s strategic investments in the region.
“We’re entering an important period now with the second-quarter promotional period, but we’re coming in with good momentum,” said Nick Wells, group chief executive, during the company’s annual general meeting held on Thursday.
Wells emphasized that while the New Zealand market remains challenging, JB Hi-Fi is capturing market share from competitors, showcasing the brand’s ability to resonate with consumers. “You can see that momentum continuing through the quarter,” he added, expressing optimism about the upcoming holiday season.
Looking ahead, JB Hi-Fi has ambitious plans for expansion, intending to open five new stores in Australia and three stores in New Zealand by 2025/26. The company also recently launched its e&s brand in Tasmania with a new store in Hobart, marking its first expansion into the state.
Wells noted that while e&s is still a small operation, the company has significant growth ambitions for the brand. JB Hi-Fi invested $47.8 million in 2024 to acquire a 75% stake in e&s, which currently operates 10 showrooms in Victoria and one in the ACT. “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,” Wells stated.
Despite JB Hi-Fi’s strong performance, shares dipped 3.1% to $109.96 late Thursday, although they remain up by 16.4% in 2025. Investors and analysts will be closely monitoring the retailer’s performance as the holiday shopping season approaches, making this an essential time for JB Hi-Fi.
As the retailer prepares for a crucial quarter filled with promotions, customers can expect exciting deals and a robust inventory, further signaling JB Hi-Fi’s commitment to maintaining its strong market position.
