10 Aug 2010

JB expects to make proft in NZ this year

8:57 am on 10 August 2010

Electronics retailer JB Hi-Fi expects to make a profit in New Zealand this year, as it opens three more stores.

Overall, HB Hi-Fi made $A118.7 million in the year to the end of June, up more than 25% percent from the $A94.4 million the previous year.

However the Australian-based chain lost $4.4 million in New Zealand, despite sales rising almost 35% to $147 million.

Sales at stores which have been open more than a year jumped 13%.

Chief executive Terry Smart says trading in New Zealand is improving as the company increases its scale, and boosts its buying power and brand recognition.

The company now has ten JB Hi-Fi stores in this country and intends opening another three this year.