Retail

JB Hi-Fi nab ex Dick Smith commercial sales boss as it chases growth

Further Dick Smith store closure dates across Australia and New Zealand have today been announced.

Harvey Norman Holdings have snapped up Clive Peeters and WA retail group Rick Hart for the basement price of $55M. The acquisition is tipped to add an additional $500M to Harvey Norman revenues.

Winning electronics retailer, JB Hi-Fi, says it expects to better its sales result for the 2007 financial year, which reached an incredible $1.7 billion, with the company forecasting $1.8 billion and net profit after tax of up to $60 million.

D&M Holdings the owners of the Marantz, Denon and Boston brands is up for sale and during the past few weeks their shares have rocketed by over 40% as big name Companies bid for the Japanese operation. In the latest twist Kenwood who last year cut a deal with JVC has entered the auction frenzy.

Sales at the Woolworths group's Australian and NZ consumer electronics stores - including the Dick Smith chain - grew 9 percent to $839 million in the six months to December 31, the group said yesterday.

Australia's peak economic advisory body claimed there are justified grounds to charge GST on internet purchases of $1000 and less.