JB Hi-Fi

JB Hi-Fi Ltd
Public
Traded as ASX: JBH
Industry Retail
Founded Keilor East, Victoria, Australia (1974; 44 years ago)
Founder John Barbuto
Headquarters Level 3, Office Tower 2, Chadstone Shopping Centre, Melbourne, Australia
Number of locations
 303
(244 "JB Hi-Fi" stores + 59 "JB Hi-Fi HOME" stores)
Key people
Products CDs, DVDs, Blu-rays, Ultra HD Blu-rays, video games, hardware/electronics & large home appliances.
Revenue IncreaseA$4 billion (2016)
IncreaseA$221 million (2016)
IncreaseA$152 million (2016)
Subsidiaries The Good Guys
Website www.jbhifi.com.au

JB Hi-Fi is an Australian retailer of consumer goods, specialising in video games, Ultra HD Blu-rays, Blu-rays, DVDs, CDs, electronics/hardware, electrical home appliances, mobile phones and a number of Telstra services.

The company (which is publicly listed on the ASX) has its Head Office at Chadstone Shopping Centre in Melbourne. In 2006-07, the company expanded into New Zealand.

History

JB Hi-Fi store in The Galeries Shopping Centre, Sydney
JB Hi-Fi store in Stockland Rockhampton Shopping Centre, Rockhampton, Queensland
JB Hi-Fi store in Rundle Mall Plaza, Adelaide
JB Hi-Fi store in Wagga Wagga

JB Hi-Fi was established in the Melbourne suburb of Keilor East by John Barbuto in 1974.[1] Barbuto sold the business in 1983 to Richard Bouris, David Rodd, and Peter Caserta, who expanded JB Hi-Fi into a chain of ten stores in Melbourne and Sydney turning over $150 million by 2000, when they sold the majority of their holding to private equity. It was subsequently floated on the Australian Stock Exchange in October 2003.[2]

At first, the company specialised in Hi-Fi equipment. As the mainstream popularity of vinyl records declined, in 1991 JB Hi-Fi cleared out their entire stock of records and began offering exclusively CDs, and were one of the first Australian music retailers to do so. (However, due to the recent revival of vinyl records larger stores began to stock them again.)

In the year 2012/13, while many music stores claim to have been losing money, JB Hi-Fi increased profits by 26% FY10 when compared to 2008/2009.[3]

JB Hi-Fi has diversified its business from predominantly selling music CDs, and is now a retailer for consumer electronics including Plasma, 8K Ultra HD, 4K Ultra HD, HDR, Full HD and LCD televisions, audio/visual, digital camera photography, digital camcorders, portable MP3 players, in-car entertainment, computer/video games, gaming consoles and accessories, white goods (fridges and freezers) and DVD, Blu-ray & Ultra HD Blu-ray movies, gadgets and information technology. As of 2012, JB HiFi has diversified into other accessories at certain stores, such as CB radios, IP and fixed surveillance camera systems, musical instruments such as guitars, electronic keyboards, ukuleles and professional DJ equipment such as CD mixers, microphones and portable DJ P/A docking systems.

JB Hi-Fi is also the sole retail chain in Australia that sells Dell Computer hardware in retail stores.[4]

In June 2007 JB Hi-Fi was Australia's biggest CD retailer and second in terms of sales of computer games, televisions and car stereos.[5]

As of 7 June 2016, the company has 184 stores operating across Australia (ACT 5, NSW 54, NT 2, QLD 36, SA 9, TAS 3, VIC 54 and WA 21).[6] and 15 stores operating in New Zealand.[7]

As of August 2018 JB Hi-Fi is equal 7th largest consumer electronics and home appliance retailer in the world.[8]

Acquisitions

In July 2004, JB Hi-Fi bought 70% of the Clive Anthonys chain in Queensland.[2]

On 13 December 2006, JB Hi-Fi acquired the Hill and Stewart chain of 11 electronics stores selling and operating in New Zealand for NZ$17.5 million (A$15.3 million).[9]

In June 2007, JB Hi-Fi opened a Sydney branch of Clive Anthonys at the Home Hub in the suburb of Castle Hill. This departed from the market in which they had already established a strong presence, as Clive Anthonys specialise in white goods.

In February 2010, JB Hi-Fi ceased to renew leases on Hill and Stewart stores in New Zealand and liquidated the business, citing management's wish to build the JB Hi-Fi brand in New Zealand.[10] In 2018, there were 15 stores in New Zealand.[11]

In October 2016 JB Hi-Fi struck a deal which acquired The Good Guys warehouses within Australia making the JB-HiFi group the largest electronics retailer in Australia spread between the two brands.

References

  1. ↑ "About us". JB Hi-Fi. Retrieved 14 August 2017.
  2. 1 2 "About Us". JB Hi-Fi. 2002. Archived from the original on 16 February 2007. Retrieved 16 February 2007.
  3. ↑ Full Year Results 30 June 2013 – www.jbhifi.com.au
  4. ↑ "JB Hi-Fi signs exclusivity deal with Dell". arnnet.com.au.
  5. ↑ JB Hi-Fi pumps up volume – The Sydney Morning Herald, 8 June 2007
  6. ↑ "JB Hi-Fi Store Locations (Australia)". JBHifi.com.au. Retrieved 7 June 2016.
  7. ↑ "JB Hi-Fi Store Locations (New Zealand)". JBHiFi.co.nz. Retrieved 7 June 2016.
  8. ↑ "How JB Hi-Fi moves up global retail ladder". Appliance Retailer. 20 Aug 2018. Retrieved 25 Aug 2018.
  9. ↑ "JB Hi-Fi buys NZ chain for $15m". The Sydney Morning Herald – smh.com.au. 12 December 2006. Retrieved 7 July 2017.
  10. ↑ Slade, Maria (1 February 2010). "Darkest before dawn for retailers". The New Zealand Herald. Retrieved 11 September 2011.
  11. ↑ "JB Hi-Fi strategy shift wipes out NZ earnings". New Zealand Herald. 12 February 2018. Retrieved 29 May 2018.
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