JB Hi-Fi Adds Five And Stays Alive
The company opened 13 new JB Hi-Fi branded stores and two new Clive Anthonys stores throughout 2007, bringing the retailer’s store total to 104 at the end of December.
This comprises of 89 stores in Australia (81 JB Hi-Fi and eight Clive Anthonys), along with 15 in New Zealand. During the half-year ended 31 December, 12 new Australian and three new New Zealand outlets were launched.
According to JB Hi-Fi chief executive officer, Richard Uechtritz, attributing to the excellent sales result was lower operating costs for the business, along with a “unique technology focussed retail model.”
But while most retailer’s report massive drops in sales after the busy Christmas rush and corresponding January sales period, JB Hi-Fi’s results have continued to impress.
“Sales in January and February to date have continued the strong momentum of the first half of the year. We now expect sales to be circa $1.8 billion (previously $1.7 billion) for the full financial year, 40 per cent increase and we expect the full financial year NPAT to be between $57 – $60 million, a 41% to 49% increase on the prior year,” said Uechtritz.
JB Hi-Fi has already announced two new store openings, one in Melbourne and one in Sydney, since January this year.
The retailer will open a store in the basement of the famous Strand Arcade in Sydney at the end of the month, signposting the technology retailer’s second store opening in the Sydney CBD and strengthening the company’s presence in the business district.
The store will be located in the former Downtown Duty Free site, and will officially open on 28 February.
The store’s wares will focus on DVDs, CDs, games, computers, IT equipment, cameras and navigation, and will incorporate two special areas designated to Apple and Telstra stock.
Coinciding with the Strand Arcade launch is the opening of a new dedicated computer and IT store in Elizabeth Street in Melbourne’s CBD, in close vicinity to the existing Elizabeth Street JB Hi-Fi outlet.