Home run for JB Hi-Fi


JB Hi-FiRetailer JB Hi-Fi says it is on track to meet its full year sales targets as it continues to open new stores and expands into the home appliances market.

The company’s total sales rose by 8.1 per cent in the three months to September 30, while comparable sales growth in that period was 2.9 per cent, chief executive Terry Smart said on Wednesday.

JB Hi-Fi still expects to grow sales by between six and eight per cent in the 2013/14 financial year, he said.

The electronics retailer expects to open 12 new stores in the year, and a further ten stores will be converted to a new home goods format.

JB Hi-Fi had 176 stores across Australian and New Zealand as of the June 30, and plans to eventually grow to 214 stores.

Smart said the expansion and the move into home appliances would underpin JB Hi-Fi’s sales growth targets.

“We see good growth opportunities ahead driven by significant new product releases, growth from our new store rollout program, online and commercial businesses, and the expansion of the home appliance categories via JB Hi-Fi home,” he told the company’s annual general meeting.

It expects to have converted or opened 50 Home stores within the next three years.

The company recorded $3.31 billion in sales last financial year and made a full year profit of $116 million, up 11 per cent on the previous year.


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