JB Hi-Fi has shared a sales update for Q1 FY24 with total sales for JB Hi-Fi Australia down 0.1% and comparable sales down 1.4% for the period 1 July 2023 to 30 September 2023.
Both total and comparable sales for The Good Guys declined 12.2% during the period, while JB Hi-Fi New Zealand reported 1% total sales growth and 1% dip in comparable sales.
The Group said Q1 FY24 sales are in line with expectations cycling the elevated period from last year. While total sales continue to be well above pre-Covid Q1 FY19, there is variability in category performance.
“With heightened uncertainty in the retail environment, our brands remain well positioned to leverage their low price market position as shoppers look to maximise value from their purchases. As we have continued to demonstrate, we will adapt and respond to the changing retail conditions to ensure we remain the number one destination for shoppers and grow our market share,” JB Hi-Fi Group CEO, Terry Smart told investors.
The update follows record sales for FY23 with group sales up 4.3% on the prior year.