Sales growth slows for JB Hi-Fi as consumers tighten spending

(Source: Bigstock)

Trans-Tasman electronics retailer JB Hi-Fi says sales momentum continued to “moderate” during the third quarter from the previous elevated levels.

For the three months to March 31, comparable sales in its Australian business were down 0.1 per cent while total sales grew 0.8 per cent. 

In its New Zealand business, both comparable sales and total sales increased by 10.8 per cent however The Good Guys subsidiary has reported a decline of 3.8 per cent.

“As anticipated, sales growth has started to moderate from the elevated levels seen in the first half of this financial year, but the group’s trusted value-based offerings have continued to resonate with our customers and grown market share,” said the company in an ASX statement. 

In January, the company reported group-wide sales of $5.3 billion in its first-half results driven by elevated demand for electronics and home appliances. 

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