JB Hi-Fi delivered record sales and solid earnings in FY26, with total revenue reaching $11.06 billion, up 4.8% year-on-year. Earnings before interest and tax climbed 5.8% to $734.4 million, while net profit after tax increased 6.0% to $489.9 million. Earnings per share grew 5.9% to 448.1 cents. The company declared an ordinary dividend of 337.0 cents per share, up 22.5% and representing 75% of net profit. Despite these strong results, the company disclosed softening sales momentum in Q1 FY27, with the core JB Hi-Fi Australia business reporting comparable sales of negative 1.4%. Management attributed this to customers remaining focused on value and shopping during promotional events in a competitive retail environment.
The balance sheet remains robust, with net cash of $206.5 million at 30 June 2026, supporting the substantial dividend increase and signalling limited financial leverage. Over its 23-year history since listing in October 2003, the company has generated consistent returns with the share price delivering 17.7% compound annual growth compared to 4.4% for the ASX 200 Index. Over the past five years, the share price returned 9.0% annually, with ordinary dividends growing at 3.3%, supplemented by $196.8 million in special dividends.
On an underlying basis, excluding a $13.7 million one-off expense from FY25 ACCC proceedings, FY26 EBIT grew 3.8%, net profit 2.9%, and earnings per share 2.9%. The company operates three retail brands: JB Hi-Fi on technology and consumer electronics, The Good Guys on home appliances, and e&s on premium home appliances and bathroom products. FY27 strategy centres on five areas: retail execution through competitive pricing, store network expansion, multichannel capabilities with artificial intelligence features, supply chain investment, and e&s growth through management appointments and a Shopify website migration in the second half.
JB Hi-Fi New Zealand showed resilience with 17.3% total sales growth in Q1, though The Good Guys and e&s reported negative comparable sales of negative 0.4% and negative 4.5% respectively. Management noted October saw further sales slowdown ahead of critical Black Friday and Christmas trading periods. The strategic emphasis on multichannel expansion, including agent-based shopping and marketplace development, reflects management’s view that customer behaviour is evolving. Board changes included retirement of Richard Uechtritz after 26 years and appointment of Terry Smart as non-executive director. Investors should monitor Q2 FY27 sales performance and e&s expansion execution, particularly the website migration outcome and new store rollout progress. This announcement is price sensitive and has been flagged as material by the ASX.
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About JB Hi-Fi Limited (ASX: JBH)
JB Hi-Fi Limited is a consumer electronics and home appliances retailer operating in Australia and New Zealand through its JB Hi-Fi Australia, JB Hi-Fi New Zealand, and The Good Guys store brands. The company sells computers, tablets, mobile phones, gaming devices, audio equipment, home appliances, and related accessories. It was founded in 1974 and is headquartered in Southbank, Australia.
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