Full Year 2026 JB Hi-Fi Ltd Earnings Call Transcript
Key Points
- Record total sales of $11.06 billion, up 4.8% year-on-year, with EBIT up 3.8% to $734.4 million.
- Strong performance in JB Hi-Fi New Zealand, with total sales up 26% and comparable sales up 15.3%.
- The Good Guys delivered solid sales growth of 2.7% and EBIT growth of 6%, with gross margin expansion of 27 basis points.
- Increased dividend payout ratio to 75% of NPAT, with total dividends up 22.5% to $3.37 per share.
- Continued investment in growth initiatives, including new store openings, supply chain enhancements, and E&S expansion, positioning for future growth.
- Negative comparable sales growth in July 2026 for JB Hi-Fi Australia (-1.4%) and The Good Guys (-1.7%), impacted by supplier price rises and stock availability issues.
- Gross margin in JB Hi-Fi Australia declined 5 basis points to 21.94%, driven by sales mix and higher-cost inventory.
- E&S business reported a negative EBIT of $0.4 million due to investments in strategic initiatives, with comparable sales down 3.2%.
- Cost of doing business increased in absolute terms across all divisions, with wage inflation of 4.75% expected in FY27.
- Uncertain retail environment with customers increasingly value-driven, leading to variability in trading and reliance on promotional periods.
Good morning and welcome to the JB Hi-Fi Group 2026 full-year results investor conference call. Today's call will commence with a short presentation from JB Hi-Fi's Group CEO, Nick Wells; and Group CFO, David Giansalvo.
Following the presentation, we will open to questions from investors with a limit of two questions per investor and the call will conclude around 11:30 AM.
We welcome representatives of the media to this call and as with previous calls remind you, we will only be taking calls from investors.
I will now introduce and hand over to JB Hi-Fi's Group CEO, Nick Wells.
Thank you. Good morning, everyone. Thank you for joining us, and as always, thanks for your interest in the business.
We will talk through the presentation and then allow some time for questions. So by starting, I'll turn to slide 4, titled Group Model.
Most of you will be familiar with this slide, so I'll quickly summarize it. We have three great brands that are
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