JB Hi-Fi reported a very strong 1Q23 sales trading update, which was elevated given the period lapped lockdowns last year. The three-year average growth rates are mid to high single digits reflecting sustained consumer demand and support from both price inflation and mix. We expect sales momentum to slow in 2Q23e as the company laps a more normalised sales base. We forecast 2Q23e comp sales for JB Hi-Fi Australia at 4.4% and The Good Guys at 3.3%. Given we expect a sales slowdown from here, we are more cautious on the stock.