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Local JB Hifi expansion to continue

Local JB Hifi expansion to continue

Retailer JB Hifi plans to open three more stores in New Zealand during its 2011 financial year (which began last month), on the back of improved trading here.

The company says trade from its ten current New Zealand stores has improved as its increases scale and buying power and grows brand recognition.

The JB Hifi Group also has 131 stores in Australia.

For the 12 months to 30 June, the group reported a 26 percent increase in its full year net profit, to A$118.7 million. Its sales rose 17 percent year on year, to reach $2.73 billion.

It opened 23 stores in its 2010 financial year, the largest number is has opened in any year.

It expects to open 18 new stores in its 2011 financial year across Australia and New Zealand.


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