JB Hi-Fi’s Profits Fall by 20 Percent Amid Cost of Living Crisis

‘As expected, we saw the trading environment become more challenging, marked by heightened competitive activity and increased on-floor discounting.’

People shop in a JB Hi-Fi store on May 28, 2015 in Melbourne, Australia. Scott Barbour/Getty Images

Australia’s largest home entertainment retailer reported a drop in sales and profit in its latest half-year results.

JB Hi-fi, which also owns The Good Guys, said on Feb. 12 that total group sales had declined by 2.2 percent to $5.15 billion (US$3.36 billion) in the six months compared to the same period in 2022.