The JB Hi-Fi Ltd (ASX: JBH) share price is down more than 1% after reporting its HY25 result.
JB Hi-Fi is one of the largest retailers on consumer electronics in Australia. It also operates The Good Guys business.
JB Hi-Fi FY25 half-year
Here are some of the main highlights from the six months to 31 December 2025:
- Total sales rose 9.8% to $5.67 billion
- EBIT grew by 8.6% to $419.9 million
- Net profit after tax (NPAT) jumped 8% to $285.4 million
- Earnings per share (EPS) grew 8% to $2.611
- Interim dividend up 7.6% to $1.70 per share
Let’s look at the performance of some of the individual businesses.
JB Hi-Fi Australia sales grew 7.2% to $3.88 billion thanks to continued demand for technology and consumer electronic products. Gross profit rose 6.4% to $846.4 million and EBIT increased 7.5% to $316.5 million.
JB Hi-Fi New Zealand sales increased 20% to NZ$202.5 million, gross profit increased 22.4% to NZ$34.5 million. EBIT was NZ$2.2 million, up NZ$2.7 million.
The Good Guys total sales increased 9.2% to $1.52 billion, gross profit grew 8% to $351.1 million and EBIT rose 7.5% to $99.5 million.
JB Hi-Fi recently completed the acquisition of 75% of E&S Trading on 2 September 2024. For the period of ownership, its total sales increased 7.6% to $92.3 million thanks to the commercial division. EBIT was $1.9 million with an EBIT margin of 2%, in line with expectations.
FY25 trading update
In January 2025, the ASX retail share reported that total sales growth for JB Hi-Fi Australia was 7.4%, for JB Hi-Fi New Zealand was 20.4%, for The Good Guys was 6.4% and for E&S it was 8.1%.
Management commentary
The JB Hi-Fi CEO Terry Smart said:
Whilst we are pleased to see sales momentum continue into January, we remain cautious given the uncertainty in the retail market and the continued competitive activity. We will continue to adapt and innovate to ensure we remain top of mind as the destination for our categories.
We are grateful to our over 15,000 team members whose continued focus on delivering value and maintaining our high levels of customer service has helped to deliver these half year results.
Final thoughts on the JB Hi-Fi share price
Whilst it’s slightly down today, it’s up 70% in the last 12 months. It has done surprisingly well.
The company is trading at a much higher price/earnings ratio (p/e ratio) than it used to. I think it’s worth a higher p/e ratio than it used to trade on, but I’m not sure this is a fair price.
It’s not one of the ASX dividend shares I’d buy right now. But, if it were crunched during market concerns about consumer spending, it could be an opportunity then.
