JB HI-FI STILL looking at BIG BOTTOM LINE GAINS IN FY2017

By Wares April 11, 2017 International

JB Hi-Fi confirms forecast for big FY2017 bottom line gain in March quarter update.

Last week JB Hi-Fi Group Chief Executive, Richard Murray, announced that CEO of The Good Guys, Michael Ford, had resigned and was leaving at the end of April.

Long time COO and former CEO of JB Hi-Fi, Terry Smart, has therefore rejoined the Group as CEO of The Good Guys, reporting to Richard Murray.

At the same time JB Hi-Fi released an update for the March quarter of FY2017.

JB Hi-Fi comparable sales were +8.2% and total sales +10.8%.

For The Good Guys, comp sales were +1.2% and total sales +2.6%.

These figures indicate a slowing of growth compared to the FY2017 first half figures for the 6 months to 31 December, which you can see here.

March quarter numbers for the struggling New Zealand arm weren't broken out.

The company however reaffirmed February's guidance for FY2017 of total Group sales of around AU$5.58 billion.

AU$4.33 billion would come from JB HI-FI and $1.25 billion from The Good Guys.

Group underlying NPAT would be in the range of AU$200-260 million (+31.4-35.4%!).

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