Concord Capital takes a 5% stake in JB Hi-Fi

By Ella Legg

Concord Capital Ltd has become a considerable JB Hi-Fi shareholder, after purchasing  5,473,520 JB Hi-Fi Ltd shares, or 5.05% of the company last week.  

JB Hi-Fi is continuing its aggressive store rollout, under the direction of recently appointed chief Terry Smart who replaced Richard Uechtritz.

In Uechtritz's 10 years as managing director and chief executive, JB Hi-Fi’s revenue grew from $145 million to a forecast $2.8 billion in FY2010, with the company going from obscurity to the top of the Australian retail food chain. This year, the retailer’s 2010 profit forecast is for between $117 million and $120 million.

JB Hi-Fi plans to reach a rollout target of 210 stores. It has around 80 stores yet to roll out – which will be around 13 to 15 store openings annually. 

The company's share price was at $19.42 on June 25, down 1.22% on the previous day’s trading.

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