JB Hi-Fi has beaten expectations with a less-steep drop in profit than analysts were expecting, while cautioning that sales slowed in recent weeks.

The electronics retailer on Monday reported $9.63 billion in sales for 2022/23, up 4.3 per cent from the year before.

It made $524.6 million in net profit after tax, down 3.7 per cent from last year but better than analysts’ consensus expectations of $505 million in profit.

Its cost of doing business rose from 11.4 per cent to 12.1 per cent.

“We are pleased to report record sales and earnings per share for FY23,” said group CEO Terry Smart.

“In a challenging retail environment, we remained top of mind for shoppers and grew our market share by continuing to drive our value offering, leveraging the strength of our multichannel offer and maintaining our high levels of customer service.”

JB Hi-Fi declared a final dividend of $1.15 per share, full-franked, down 24.8 per cent from a year ago. For the year, the retailer’s total dividend was $3.12 per share, down from $3.16 a year ago.

Sales for the new financial year have got off to a slow start compared to the elevated levels seen last year, which the company said was in-line with expectations.

JB Hi-Fi Australia’s sales in July were down 1.8 per cent, with same-store sales down 2.9 per cent. Sales at the Good Guys were down 12 per cent and JB Hi-Fi New Zealand sales were down 10 per cent.

E&P Capital retail analyst Phillip Kimber said while JB Hi-Fi’s $525 million net profit was above consensus expectations of $505 million, he noted the weakening sales momentum in July.

At 10.36am AEST, JBH shares were up 1.5 per cent to $47.81, their highest level since February.

– AAP