Trading update alongside CEO appointment.
Total sales growth for JB Hi-Fi was 10.8% for the FY17 March quarter, while comparable sales grew 8.2%. The Good Guys business experienced 2.6% total sales growth in the quarter as comparable sales inched up by 1.2%.
JB Hi-Fi reaffirms guidance given on 13 February 2017 that in FY17 the company expects total group sales to be circa $5.58 billion (JB Hi-Fi $4.33 billion and The Good Guys $1.25 billion) and group underlying net profit after tax (NPAT) to be in the range of $200 million to $206 million, an increase of 31.4% to 35.4% on the previous corresponding period.
This sales update follows the announcement of Michael Ford’s resignation as CEO of The Good Guys and the appointment of Terry Smart, former JB Hi-Fi CEO, to fill the role. Smart will report to Group CEO, Richard Murray.
“I am very excited to be taking on this role with The Good Guys. It is an iconic brand, and a business that I have admired for a long time. I look forward to building on the business’ many strengths and continuing to grow the brand as part of the JB Hi-Fi Group,” Smart said.