Narta member JB Hi-Fi has announced it will bring the Clive Anthonys business to the Sydney market, to take on fellow members including Bing Lee and Clive Peeters.
JB Hi-Fi purchased a 70 per cent share in Clive Anthonys for $24.15 million on 5 August 2004.
In a trading overview presented to investors today, JB Hi-Fi chief exeutive officer, Richard Uechtritz and chief financial officer, Richard Murray, said that despite the retailer recording a negative result over the last 12 months, the first Clive Anthonys store will open in Sydney during July 2007.
Clive Anthonys recorded a decline of 5.5 per cent in comparable store sales for the financial year, while JB Hi-Fi stores recorded 7.1 per cent comparable store growth.
“Clive Anthonys did not trade to expectations in 2006, however we are confident of having an improved FY07,” JB Hi-Fi said in a presentation to shareholders.
“There are no current plans to open additional Clive Anthonys stores this year, however [we] will bring Clive Anthonys to Sydney in July 07.”
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Clive Anthonys currently operates six stores in south-east Queensland at Andrews, Capalaba, Carseldine, Labrador, Mermaid Waters and Mt Gravatt. At the moment, the only New South Wales store is located at Tweed Heads, near the Queensland border.
Fellow Narta member, Clive Peeters is expected to open its second store in Sydney at the Crossroads in Casula tomorrow morning.