{"id":87711,"date":"1999-12-31T00:40:00","date_gmt":"1999-12-30T13:40:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/robbers-nick-12m-jb-hi-fi-goodies\/"},"modified":"1999-12-31T00:40:00","modified_gmt":"1999-12-30T13:40:00","slug":"robbers-nick-12m-jb-hi-fi-goodies","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/robbers-nick-12m-jb-hi-fi-goodies\/","title":{"rendered":"Robbers Nick $12M JB Hi-Fi Goodies"},"content":{"rendered":"

Millions of electronic stock has been stolen from JB Hi-Fi stores in the last year, it emerged this week.<\/p>\n\n\n\n
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Click to enlarge<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

JB noted “increased shrinkage levels” or theft of over $12 million of stock from JB stores in the past year, which it said impacted on gross margin by 13 bps.<\/p>\n

This marks an increase in theft by $4m since last year. <\/p>\n

3% of the total Aussie retail turnover of $240 billion is attributed to theft, according to Australian Retailers Association and its on the rise, ARA Exec Director told Channel News. <\/p>\n

Headphones and DVD’s  were said to be among the items popular with thieves, scanning the aisles of JB’s stores. <\/p>\n

JB Hi-FI blamed it on staff roster changes and less staff on the floor as it looks to drive productivity levels. <\/p>\n

However, a large number of JB stores are located specifically in high footfall areas – like Westfield on Pitt St, Sydney and three stores on Elizabeth St, in Melbourne CBD- meaning its store traffic is huge, particulalrly in larger stores. <\/p>\n

JB were not available for comment at the time of writing.<\/p>\n

“Management conceded that an ongoing side-effect of driving productivity from existing staff (roster changes) was higher levels of stock shrinkage (theft),” RBS Equities analyst Daniel Broeren said in a research note. <\/p>\n

“Comments on the call suggested less staff on the sales floor, particularly during quiet trading periods, had contributed to the $4 million increase in shrinkage, which in turn had reduced the gross profit margin by 13 basis points in FY12<\/p>\n

 <\/div>\n

“In our view, total annual shrinkage of $12.2 million (FY12) is now a significant detractor from EBIT. We note the roster changes came into effect in 2H12, and hence higher year-on-year shrinkage costs could be seen in 1H13.<\/p>\n

“In store productivity improved as labour rosters were driven to align with individual store sales.”<\/p>\n

Theft costs retailers more than $7.5 billion each year, according to ARA and is highest in NSW ($2.3 bn), VIC ($1.9 bn) QLD ($1.5 bn) and WA ($845.7m).<\/p>\n","protected":false},"excerpt":{"rendered":"

Millions of electronic stock has been stolen from JB Hi-Fi stores in the last year, it emerged this week.<\/p>\n","protected":false},"author":41,"featured_media":94176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,8],"tags":[],"class_list":["post-87711","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-archive","category-hardware","post_format-post-format-gallery"],"yoast_head":"\nRobbers Nick $12M JB Hi-Fi Goodies - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/robbers-nick-12m-jb-hi-fi-goodies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Robbers Nick $12M JB Hi-Fi Goodies - 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