JB Hi-Fi CEO “cautiously optimistic” to hit $2.35bn by July

By James Wells

MELBOURNE: JB Hi-Fi CEO Richard Uechtritz has said sales have held up in January and February and he is cautiously optimistic that he will meet previous expectations of $2.35 billion in sales by 30 June.

In his statement released earlier today, JB Hi-Fi CEO Richard Uechtritz said that despite a record profit result for the six months to 31 December 2008, sales have continued into the new year.

“Sales in January and February to date have met internal expectations. Whilst the retail outlook is less certain than previous reporting dates, the company is cautiously optimistic that it will have another strong year and confirms its previous guidance that sales will be circa $2.35 billion or a 28 per cent increase on the prior financial year.”

In December 2008, the company renewed its debt facilities for another three years and remains conservatively geared with strong cash flows and an ability to take advantage of any attractive growth opportunities that may present themselves in this weak economic climate.