NZ unit reported a 71% slump in annual profit but CEO says he is "fighting for the business."
Electronics retailer JB Hi-Fi is seeing improving sales activity in the New Zealand market and plans to open more stores after posting a bumper first half profit, it was announced today.
The Australian company reported record half year profits for the six months ending December 31 of $A76 million up 29% on the previous year’s results of $A59 million.
Sales were up 23% from $A1.26 billion to $1.5 billion. JB Hi-Fi chief executive Richard Uechtritz said sales in December were solid across “almost all categories”.
JB Hi-Fi is looking to take advantage of the recessionary environment to expand its business in 2009.
Chief executive Richard Uechtritz says that his company has struggled with all the traditional start-up problems but synergies are starting to come together and he thinks 2009 will be a big year for the brand.
“Everything’s been up this year – margins, sales, morale,” he says.