{"id":88592,"date":"1999-12-31T00:44:00","date_gmt":"1999-12-30T13:44:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/jb-hi-fi-boss-fy13-trading-challenging\/"},"modified":"1999-12-31T00:44:00","modified_gmt":"1999-12-30T13:44:00","slug":"jb-hi-fi-boss-fy13-trading-challenging","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/jb-hi-fi-boss-fy13-trading-challenging\/","title":{"rendered":"JB Hi-Fi Boss: FY13 Trading “Challenging”"},"content":{"rendered":"

Terry Smart today described the last financial year ended 30 June as “one of the most demanding ” but admitted 2013 was as “challenging”<\/p>\n\n\n\n
<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Still, JB Hi-Fi enjoyed “record” sales of $3.1 billion iin FY2012, Smart told shareholders today at the company AGM. <\/p>\n

However, gross margins (and earnings) did take a hit due to “a combination of the challenging trading environment, more aggressive levels of discounting in the market and increased shrinkage,” JB CEO, Terry Smart said. <\/p>\n

FY12 profit slumped 5% to $104.6m year-on-year, the CE retailer announced in August. <\/p>\n

The retail boss also said today margins were further impacted by store closures citing WOW Sight & Sound, Dick Smith and Game clearing stock at low prices.<\/p>\n

“Trading conditions in FY13 have remained challenging, but are in line with our internal expectations, ” Smart also said. <\/p>\n

In the first quarter of FY13, sales grew almost 4%, while comparable store sales were negative 2.4%.<\/p>\n

“Gross margin remains in line with last quarter and costs remain well controlled. <\/p>\n

“While we expect the outlook to remain challenging for retail, we are confident that we can continue to grow ourmarket share as product innovation continues to drive sales.” <\/p>\n

The company is “very well positioned to take advantage of any rebound in consumer spending,” Smart added. <\/p>\n

JB expects Apple’s iPhone 5, Microsoft’s Windows 8, the iPad mini and Nintendo’s anticipated Wii U will be the main sales drivers during Christmas trading.<\/p>\n

On the future of retail in Oz, JB believe the ingredients to success are “high energy retail” and “innovative digital platforms.”<\/p>\n

 <\/div>\n

“The future of retail is an integrated customer offer where our unique and high energy retail format, combined with our innovative online and digital platforms, will ensure JB Hi-Fi’s customer proposition is one that our competitors will find difficult to match,” Smart said. <\/p>\n

JB Hi-Fi’s online sales grew a whopping 77% in FY12. Unique visitors averaged 927,000 per week in FY12 – up 41% y-o-y. <\/p>\n

However, direct online sales remain low at 1.6% of total sales. The site is an important driver of both in store and online transactions, which the company also pointed out in its FY 2012 results statement. <\/p>\n

JB Hi-Fi’s Commercial business, which it has expanded further of late, experienced good growth in FY12, with sales up 31.7% driven by continued market share gains.<\/p>\n

JB shares rose 1.87% today to $10.33 on the ASX. <\/p>\n","protected":false},"excerpt":{"rendered":"

Terry Smart today described the last financial year ended 30 June as “one of the most demanding ” but admitted 2013 was as “challenging”<\/p>\n","protected":false},"author":41,"featured_media":93274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,671],"tags":[],"class_list":["post-88592","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-archive","category-ebusiness","post_format-post-format-gallery"],"yoast_head":"\nJB Hi-Fi Boss: FY13 Trading "Challenging" - 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\/jb-hi-fi-boss-fy13-trading-challenging\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JB Hi-Fi Boss: FY13 Trading "Challenging" - 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