Menu
JB Hifi CEO posts record profit, then quits

JB Hifi CEO posts record profit, then quits

JB Hi-Fi CEO, Richard Uechtritz, is stepping down after announcing his company’s half-year profit jump of 29 per cent to $76 million. The result was achieved despite a tougher Christmas sales period. Uechtritz leaves the retailer in top form after 10 years at the helm, having led it through years of steady growth in profit and market share against stiff competition and the recent Global Financial Crisis. He is being replaced by COO, Terry Smart, but will return as a non-executive director by July or August. According to the JB Hi-Fi’s results, revenue rose by 23.16 per cent to $1.55 billion in the half-year ending December 31, 2009. Comparable store sales also grew strongly despite missing last year’s Government stimulus spending. “We are once again extremely pleased with this strong result, particularly the comparable store sales growth of 6.5 per cent in December,” Uechtritz said. “JB has proven very resilient throughout the economic downturn, which led to low consumer confidence and spend. “We opened new stores, expanded our offering and reduced our prices on the back of increased economies of scale and [had] a continued focus on cost.” Analyst predictions of a slowdown in Christmas sales were recently borne out by December sales figures from the Australian Bureau of Statistics , which showed a drop by 0.7 per cent. Despite continuing doubts from both retail analysts and global markets, the retailer said it was on track to deliver its promise of a 20 per cent full-year revenue increase to $2.8bn. It also expects profits to rise 24-27 per cent to $117m-$120m.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags JB HiFiTerry Smartrecord profitceo quitsRichard Uechtritz

Featured

Slideshows

Leading female front runners of the Kiwi ICT industry honoured at 2019 WIICTA

Leading female front runners of the Kiwi ICT industry honoured at 2019 WIICTA

Reseller News has honoured the leading female front runners of the New Zealand ICT industry at the 2019 Women in ICT Awards (WIICTA) in Auckland. The awards recognised standout individuals across six categories, spanning Entrepreneur, Rising Star, Shining Star, Community, Technical and Achievement. Photos by Gino Demeer.

Leading female front runners of the Kiwi ICT industry honoured at 2019 WIICTA
Reseller News kicks off awards season in 2019 with Judges' Lunch

Reseller News kicks off awards season in 2019 with Judges' Lunch

The 2019 Reseller News Innovation Awards has kicked off with the Judges Lunch in Auckland with 70 judges in the voting panel. The awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors. Photos by Christine Wong.

Reseller News kicks off awards season in 2019 with Judges' Lunch
Reseller News welcomes industry figures for 2019 Hall of Fame lunch

Reseller News welcomes industry figures for 2019 Hall of Fame lunch

Reseller News welcomed 2018 inductees - Chris Simpson, Kendra Ross and Phill Patton - to the third running of the Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed the changing landscape of the technology industry in New Zealand, while outlining ways to attract a new breed of players to the ecosystem. Photos by Gino Demeer.

Reseller News welcomes industry figures for 2019 Hall of Fame lunch
Show Comments