Key Highlights

  • JB Hi-Fi Limited (ASX:JBH) reported record FY26 total sales of $11.06 billion, an increase of 4.8%.
  • Group EBIT rose 5.8% to $734.4 million, while NPAT increased 6.0% to $489.9 million.
  • The total FY26 ordinary Dividend increased 22.5% to 337 cents per share, representing 75% of NPAT.
  • JB Hi-Fi New Zealand recorded the fastest sales growth among the major operating businesses, while July FY27 trading showed differing trends across the Group.

JB Hi-Fi Limited (ASX:JBH) closed FY26 with record group sales and higher Earnings despite an uneven retail environment. Total sales reached $11.06 billion for the 12 months ended 30 June 2026, up 4.8%, while EBIT increased 5.8% on a statutory basis to $734.4 million. NPAT attributable to owners rose 6.0% to $489.9 million. The result also included a higher Shareholder distribution, with the total ordinary dividend rising to 337 cents per share.

Group Earnings and Sales Performance

The FY26 figures indicate that earnings increased at a faster rate than sales at the group level. Statutory EBIT rose to $734.4 million, while underlying EBIT, excluding the $13.7 million one-off expense associated with the resolution of ACCC proceedings against The Good Guys in FY25, increased 3.8%.

NPAT increased 2.9% on an underlying basis, while underlying EPS also rose 2.9%. Statutory EPS reached 448.1 cents per share, an increase of 5.9%. These measures provide different comparisons depending on whether the prior-year one-off expense is included.

JB Hi-Fi Australia remained the largest contributor, with sales increasing 4.4% to $7.42 billion. Comparable sales grew 3.2%, supported by Computers, Mobile Phones, Fitness, Small Appliances and IT. Online sales rose 7.0% to $1.28 billion, equivalent to 17.2% of total sales.

Regional and Brand Performance

JB Hi-Fi New Zealand recorded a notable increase in activity, with sales rising 26.0% to NZD499.5 million and comparable sales increasing 15.3%. Online sales climbed 36.7% to NZD86.2 million. EBIT reached NZD4.1 million, compared with a loss in the previous corresponding period, reflecting the effect of higher sales and cost management.

The Good Guys generated sales of $2.94 billion, up 2.7%, with comparable sales also increasing 2.7%. Online sales grew 13.1% to $481.3 million. EBIT increased 6.0% on an underlying basis to $184.0 million, while the EBIT Margin improved to 6.25%.

The e&s Business reported total sales of $273.1 million. On a comparable full-year basis, sales declined 0.2%, while comparable sales decreased 3.2%. The business recorded an EBIT loss of $0.4 million as it continued Investment in stores and its Commercial division.

Margins and Cost Management

JB Hi-Fi Australia's Gross Profit increased 4.2% to $1.63 billion, although gross margin declined five basis points to 21.94% because of sales mix. CODB increased 4.8% in dollar terms and reached 12.46%.

At The Good Guys, gross profit rose 3.9% to $698.9 million, with gross margin improving 27 basis points to 23.74%. CODB increased 3.3% in dollar terms. JB Hi-Fi New Zealand also recorded higher gross profit, while its CODB percentage declined from the prior year.

Dividends and Balance Sheet

The Board declared a final fully Franked Dividend of 127 cents per share, taking the FY26 ordinary dividend to 337 cents per share. The total distribution was 22.5% higher than FY25 and represented 75% of NPAT. The final dividend has a Record Date of 28 August 2026 and is scheduled for payment on 11 September 2026.

Closing net cash stood at $206.5 million at 30 June 2026. The Board has increased its dividend payout policy to a range of 70% to 80% of NPAT from FY26, providing the framework for the year's 75% payout.

Early FY27 Trading

July trading presented a mixed start to FY27. JB Hi-Fi Australia reported total sales down 0.5%, with comparable sales declining 1.4%. JB Hi-Fi New Zealand continued to grow, with total sales up 20.9% and comparable sales up 11.7%.

The Good Guys reported total and comparable sales declines of 1.7%, while e&s recorded total sales down 2.7% and comparable sales down 4.0%. The company attributed the variability to customers concentrating spending around promotional events, supplier price increases and product availability constraints in technology categories.

Conclusion

JB Hi-Fi's FY26 results show a group that delivered record sales alongside higher statutory earnings and increased shareholder distributions. Performance varied across its brands, with JB Hi-Fi New Zealand recording particularly high sales growth and The Good Guys producing higher underlying earnings, while e&s remained in an investment phase. The July trading update demonstrates that the retail environment remains uneven entering FY27, with promotional activity, pricing and product availability continuing to influence customer spending patterns.