Electrical and appliance retailer, JB Hi-Fi, seems to have a win-all strategy, as far as the results of its 2007 annual general meeting (AGM) are concerned: an every day focus on the lowest cost of doing business, a broad range of every day low-priced products, a unique product ranging, mix and branding that drives very high levels of store productivity and a real focus on cost control.

But can the company, which is one of the largest bricks and mortar electrical retailers in the country behind Harvey Norman, continue to move from strength to strength in today’s volatile retail marketplace where the majority of smaller, newer retailers are raking in money in the online sphere?

JB Hi-Fi CEO, Richard Uechtritz, thinks so, after announcing a 36 per cent increase in revenue to $1.3 billion for the 12 months to 30 June 2007, at today’s AGM.

“The company’s proven ability to introduce and execute on new product categories within our unique retail model should ensure strong comparable store sales into the future,” he said, addressing the company’s executives and shareholders.

The retailer’s cost of doing business has continued to fall, with 16 per cent this year compared with 17.1 for the same period last year, due to increasing store sales and the new store roll, economies of scale driving buying power and technology and training, according to the company.

And while other retailers have crashed and burned in the past year – Retravision NSW and BSL come to mind – JB Hi-Fi continues to grow. The brand has now successfully expanded into all mainland Australian states and plans to open in Hobart before Christmas this year, bringing the total store number to over 100 across Australia and New Zealand.

According to chairman Patrick Elliott, it’s not just the geographical location but the location within city, with the retailer scattering its stores throughout shopping centres, homemaker centres, big box destinations and standalone stores.

But an overarching theme that came out of today’s meeting is that it is JB’s product offering that ensures their success.

“A large number of product categories are driven by the adoption and increasing penetration of new technology such as plasma and LCD TVs, MP3 players and DVD recorders,” said Elliott.

“In particular, the company has already established itself as a leader in the games market, and is currently increasing its presence in the growing IT/computers market with a major roll-out soon to be completed.”

In May this year the company announced its expansion into mobile consumer electronics, partnering with Telstra.

Further, smaller revenue-making products like music and movies “provide constant foot traffic” for the stores, says Elliott.

Team this with speakers, hi-fi components and car entertainment and you have the winning electronics retail formula.