Provides acquisition update.

JB Hi-Fi CEO Richard Murray provided a sales update for the first quarter of FY17 at the company’s annual general meeting held on Thursday. Sales were in line with expectations with total sales up 12.4% and comparable sales up 8.3%. The company affirmed its FY17 sales guidance of total sales of circa $4.25 billion.

“The key success drivers of JB Hi-Fi continue to be, having the biggest range and lowest prices, supported by talented and enthusiastic staff,” Murray said.

“The company’s objective is to complete the acquisition of The Good Guys on November 27, 2016, subject to the relevant completion conditions being met. If these are not met by that time then completion will take place in early 2017.

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“We have commenced integration planning while remaining focused on Christmas trading. We are pleased with the progress made to date and as part of our integration planning we have considered the necessary resources to support the expanded group.

“Further to my appointment as group CEO, Cameron Trainor, currently JB Hi-Fi merchandising director, will be appointed CEO of JB Hi-Fi and Michael Ford will continue as CEO of The Good Guys,” he continued.

JB Hi-Fi director, Gary Levin retired from the board at the conclusion of the AGM, after being a director for 16 years.

JB Hi-Fi chairman Greg Richards said, “An integral part of the Board’s ongoing strategy is to encourage innovation and diversification with new products, technology, merchandising formats, advertising and property locations. This approach provides opportunities to increase revenue, margin and productivity. Our current strategic priorities include expanding the store network, introducing small appliances to existing JB Hi-Fi stores, continuing to grow our online and solutions businesses and the successful integration of The Good Guys.”

With up to seven new stores planned for FY17, approximately 210 new positions are expected to be created this financial year.