ASX-listed electronics retailer JB Hi-Fi has posted a first-quarter sales decline for its Australian operations, in what it called a challenging retail environment.
JB Hi-Fi Australia sales fell by 0.1 per cent in the quarter, with comparable sales growth of -1.4 per cent.
In New Zealand, JB Hi-Fi reported 1.0 per cent sales growth, with comparable sales growth of -1.0 for the prior period.
The Good Guys appliance chain sales dropped by 12.2 per cent.
Group chief executive Terry Smart said the 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, the group continues to see variability in category performance," Smart said.
Smart said JB Hi-Fi is underrepresented in New Zealand, and believes there's a good opportunity to grow and expand the retailers business there.
Seven existing stores were completed in the FY23 and this year, two stores have been relocated, and two duty free stores opened at the Auckland and Christchurch international airports.
JB Hi-Fi is also expecting to launch its re-platformed New Zealand website before the important Black Friday trading period.
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