Like most Australian retailers, JB Hi-Fi faces a weaker demand backdrop. While there are risks to sales, the difference to previous cycles is the presence of inflation in some electronics categories. Even so, investors should expect weak sales trends for up to two years for JB Hi-Fi. Near term, the phasing of the iPhone 18 launch won’t save sales in 1Q27e. Inflation in gaming consoles may boost 2Q27e and 3Q27e has some product tailwinds.