JB Hifi increases stores target

JB Hifi increases stores target

Trans-Tasman retailer JB Hifi says it has increased the number of branded stores it aims to open, including some in smaller areas in both countries.

The company previously set a target of 150 stores, similar in size by sales and earnings to the current average, but now wants to open 160. It plans a further 50 in “smaller catchment areas” in both countries, in smaller malls, strip shopping centres and country towns.

The company says its overall target is 210 stores, double the 105 it currently has. By comparison, there are 363 Dick Smith branded stores in Australia and New Zealand, and 170 Harvey Norman branded stores, JB Hifi says.

The revised store targets were part of a company announcement to the Australian Stock Exchange, which also revealed JB Hifi is expecting a 41 percent net profit after tax increase for the financial year to June 2009 over the 2008 financial year, to A$92 million.

It is forecasting a sales increase for the financial year of 26 percent to A$2.3 billion.

“While the current overall retail climate is poor, this excellent result shows that we have many positives working in our favour that should continue to more than offset the effects of the weaker economy,” said CEO Richard Uechtritz in the statement.

“Compared to a general softness in the more traditional categories of discretionary retail spending in the economy over the past year, our experience particularly in the field of home entertainment, has been very positive, as reflected in the results.”

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