JB Hi Fi Set To Have Big Quarter Appliances Now Contributing
The only downside is set to be the limited availability of certain products such as the new Apple Mini iPad.
Speaking at the company’s 2013 Annual General Meeting today, CEO Terry Smart said that the JB Hi-Fi, model was delivering increased sales across both consumer electronics, IT and appliances, Smart said that the Company is on track to meet its full year sales targets after reporting that total sales rose by 8.1 per cent in the three months to September 30. At March 2013 the JB Hi Fi share price was $10.68 today their share value jumped 4.2 per cent to $21.41.
Smart said that he expects to grow sales by between six and eight per cent in the 2013/14 financial year and that the Melbourne based retailer expects to open 12 additional stores with a further ten stores converted to a new home goods format which has been tested alongside JB Hi Fi stores at locations like Moore Park in Sydney and Churnside in Brisbane. The Company will have 214 stores by this time next year.
Smart said “In December 2012 we commenced a trial of our ‘Home’ store concept sales results during the trial period were positive, with strong customer engagement with the new categories and no negative impact on existing JB Hi-Fi business”.
“The trial ‘Home’ stores demonstrated how JB Hi-Fi can integrate the home appliance categories within its existing model while maintaining the unique JB Hi-Fi brand personality.” he added.
“We are excited about the sales growth opportunity that the circa $4.6 billion home appliance market presents,” he said