JB Hi Fi Expands Board With Addition Of Experienced Retail Executive
The CEO of JB Hi Fi Richard Murray has announced an expanded board for the mass retailer who last week announced record profits and increased sales.
The new board appointee is former Just Group operations manager and Peter Alexander sleepwear business chief executive Wai Tang.
Last week JB Hi-Fi reported a net profit of nearly $137 million for the 12 months to the end of June, up more than 6.3 per cent on a year ago.
Sales grew by 4.8 per cent to $3.65 billion, with both figures exceeding analyst expectations.
Comparable sales, removing the impact of the five new JB Hi-Fi stores that opened during the year, were up 2.9 per cent.
Ms Tang who brings a wealth of expertise to the JB Hi Fi board was most recently general manager of business development for Pacific Brands and a current director of property group Federation Centres — will begin the non-executive role on September 14.
New JB Hi Fi board appointee Ms Tang
Mr King, who was chairman between May 2006 and September 2007, will retire after the annual general meeting on October 29, the company said in a statement to the ASX.
The board has appointed Ms Tang to the board as an additional appointee ahead of the annual meeting, when she will stand for election.
JB Hi-Fi chairman Greg Richards said Ms Tang would bring “a wealth of retail industry experience at both a senior executive and board level.
Ms Tang was also the founder of the Happy Lab gourmet confectionary business and is also a non-executive director of Kikki K and the Melbourne Festival.
Her past board positions include non-executive directorships with Specialty Fashion Group and the Melbourne Fashion Festival.
Mr Richards said Mr King had made a “significant contribution” to the business over more than a decade.
“His experience, expertise and advice have been of great value to the business as it has gone from strength to strength over the past 11 years,” he said.
JB Hi-Fi said last week that they are is expecting even stronger sales growth in the coming year.
“We are pleased with our start to the financial year,” said chief executive Richard Murray.
“July trading has been solid … Key growth categories included computers, telco and home appliances.”
The directors did not comment about the entry of Dick Smith into the appliance market however they did say that JB Hi Fi Home is where the sales growth is going to come from in the future.
Another four JB Hi-Fi Home stores opened last year, taking the total number of locations dedicated to white goods to 43.
The company says it will also be adding small household appliances to 14 of its traditional stores by November.
“We see our continued expansion into home appliances and, ultimately, the connected home as a significant opportunity for JB in the future,” said Mr Murray.
The proportion of sales online also continued to grow, from 2.2 per cent of total sales in financial year 2014 to 2.4 per cent in financial year 2015.
That reflected online sales growth of nearly 17 per cent in the past year.