JB Hi-Fi reported FY24 EBIT down 16%. Sales momentum and margins were encouraging in the second-half and the company has consistently gained market share over the past five years. We expect another year of softening margins, albeit overall EPS should be up slightly in FY25e. While JB Hi-Fi is clearly a well-run business, we expect future earnings growth is likely to be low single-digit at best.

The link provides a presentation associated with a webinar we held. The webinar addressed the updated outlook for retail sales and key drivers that could trigger an improvement in spending. In the presentation, we provide an update on the outlook for retail sales, covering feedback on recent trading and expectations for FY25e. We will address which categories have the best potential for volume recovery and how they are navigating price disinflation. We will also address the risk from interest rates on retail. The presentation also includes insights about retailer profitability, inventory levels, and expectations for retail trading at the FY24e results in August.