JB Hi-Fi to open 21 new stores by 30 June

By James Wells

MELBOURNE: JB Hi-Fi said today it plans to open 21 stores by 30 June which is more stores than it has ever opened in one year since formation as the company continues on its target to open 150 stores within the next five years.

JB Hi-Fi opened 14 new stores in the six months to 30 December 2008 and is expected to open seven new stores in the second half of the financial year ending 30 June 2009.

According to JB Hi-Fi CEO Richard Uechtritz, 21 new stores represents the strongest store roll out of any year since the company was formed.

“The maturing of the 33 stores opened in the last two years and the 21 new stores will continue to drive solid top and bottom line revenue and earnings growth,” he said.

“The company now has 101 JB stores in Australia and New Zealand with a target of 50 JB Hi-Fi stores. With the expected opening of 13-15 JB Hi-Fi stores a year, the company has four to five years of continued strong growth with the existing JB Hi-Fi retail format.”