“It’s just absolutely challenging out there ... We anticipate that it is going to remain more challenging in the market,” he said.
Shares in the $5.3 billion retailer picked up on Monday despite the retailer posting a 3.7 per cent dip in the 2023 financial year profit to $524.6 million. Sales in the last quarter slowed appreciably,dropping 1.8 per cent across JB Hi-Fi’s Australian stores and 12 per cent across The Good Guys stores.
The numbers were ahead of consensus expectations,and JB Hi-Fi’s annual sales landed at a record $9.6 billion.
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However,Smart said consumers had started seeking bargains on electronics and home goods over the past few months.
“We are seeing a higher level of the on-floor discounting – consumers are prepared to shop around at the moment,” he said.
Smart said that some product lines continued to trade strongly despite tougher market conditions,with mobile phones,gaming consoles and small kitchen appliances,such as coffee machines,continuing to show strong demand.