JB Hi-Fi reported FY26 EBIT up 4%, with second-half EBIT down 3% and a sign of the challenges ahead as sales trends slow. We expect EBIT to fall 3% in FY27e with very low sales growth the primary headwind. We forecast FY27e comparable sales growth of 0.5% for JB Hi-Fi Australia and -0.3% for The Good Guys. The macro headwinds are accelerating with lower income and reduced wealth likely to hurt the December half-year sales. The company is optimistic new products and more supplier funded discounts will be an offset. We are not convinced.