Soccer World Cup to drive JB Hi-Fi growth

May 10, 2010 11:39 AM
Filed under Finance

Chief executive Richard Uechtritz to stand aside end of the month.

JB Hi-Fi expects the soccer World Cup and the release of 3D television to contribute to growth in the second half of the financial year after sales in March and April fell below expectations.

In a presentation to an equities conference last week, the electronics retailer re-affirmed its FY10 guidance of sales to be around $2.8 billion and net profit before tax (NPAT) at $117 million to $120 million.

Terry Smart, chief operations officer at JB Hi-Fi said Avatar, the World Cup and the 3D TV launch will drive growth in the fourth quarter after "sales for March and April fell behind expectations."

Smart conceded that last year's Federal Government stimulus package supported sales more than anticipated.

The company remained "cautious" of recent interest rate rises and it's impact on consumer spending.

A negative impact may be limited by Australia's stronger economy and lower unemployment, the company said.

Meanwhile, chief executive Richard Uechtritz will stand aside at the end of the month.

Company chairman Patrick Elliot said the CEO transition has "gone extremely smoothly".

Smart is "now fully engaged in all areas of the business, as COO, Elliot said. 

Uechtritz will be employed as a consultant  until 2013 and will join the Board as a non executive director in 2011.

 
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