Chief executive Terry Smart anticipates the second half of the financial year to be more challenging than the first, after the electronics and appliance retailer posted double-digit sales growth in the September quarter.
"In an uncertain retail environment and with household budgets under increasing pressure, customers gravitate to trusted value-driven retailers," he told shareholders at the company's annual meeting on Thursday.
Rising costs have been in the spotlight this week after Tuesday's federal budget warned of soaring energy prices over the next 18 months and data from the Australian Bureau of Statistics on Wednesday showed consumer prices have risen at an annual 7.3 per cent - their highest rate since 1990.
For now though, the group is seeing strong demand across its two main businesses - its namesake JB Hi-Fi Australia and subsidiary The Good Guys, with rising interest rates yet to dent consumer spending across Australia.
The company said comparable sales at JB Hi-Fi Australia business jumped 14.2 per cent in the three months to September 30.
Comparable sales at consumer electronics and home appliance subsidiary The Good Guys rose 12.3 per cent during the quarter.
The group had recorded declines of 7.5 per cent and 5.6 per cent respectively at the two businesses for the same period last year, amid COVID-19 lockdowns across the eastern states.
"We are pleased with the start to FY23, with continued sales momentum and strong sales growth rates over a three-year period," Mr Smart told shareholders.
It booked an even better performance at its New Zealand stores, with sales surging 27.7 per cent in the September quarter, compared to a 6.4 per cent decline on the same period last year.
The company had reported a 7.7 per cent lift in full year profit to $544.9 million in August but had declined to provide full year guidance at the time, citing an "uncertain retail environment".
JB Hi-Fi is increasingly seeing consumers search for more energy-efficient products, Mr Smart said, and the company will also cycle through the high-demand period comparable to last year when online sales lifted.
By 1330 AEDT, JB Hi-Fi shares were up 0.8 per cent at $43.15 in a firm Australian market.
19°C