JB Hi-Fi’s 3Q23 trading update revealed only a modest slowdown in sales at JB Hi-Fi Australia, but a more notable slowdown in The Good Guys. JB Hi-Fi February and March comp sales fell 0.9% on our calculations and the Good Guys was down 5.7%. The distinction is largely a function of inflation trends shifting lower in appliances more so than consumer electronics. The downturn for JB Hi-Fi is proving orderly so far, but sales trends will slow further from here.