JB Hi-Fi’s Q1 sales boost

JB hi-fiRetailer JB Hi-Fi’s first-quarter results have met expectations with total sales up 12.4 per cent and comparable sales up 8.3 per cent.

The consumer electronics and home appliances retailer – which is in the process of taking over rival The Good Guys – also reaffirmed its total sales guidance of around $4.25 billion for 2016/2017.

Chief executive Richard Murray will tell its annual shareholder meeting later on Thursday that it hopes to complete The Good Guys deal on November 27, subject to certain conditions being met.

Net profit after tax in FY16 was up 11.5 per cent to $152.2 million for the electronics retailer.

At 15.2 per cent, Murray will also attribute the retailers low cost of doing business as a competitive advantage, remaining lower than major listed competitors.

At the end of FY16, the retailer had 194 stores in across Australia and New Zealand, with nine new stores opened during the year and two stores closing.

The retailer expects to open seven new stores with Murray to reiterate the retailer’s target of 214 JB Hi-Fi stores across ANZ.

JB Hi-Fi also signed a deal with Heinemann Tax and Duty Free to be the exclusive technology partner at Sydney International Airport during FY16. The airport store represents an opportunity to trial and extend the JB Hi-Fi model outside its traditional store format, according to Murray.

At the AGM, Gary Levin, a director of JB Hi-Fi since listing in 2003, will retire from the board.

In June of this year, the retailer announced the appointment of Stephen Goddard as non-executive director.

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