JB Hi-Fi brings forward CEO exit

Retailer expects FY14 sales to lift by about 5.3% on previous year.

JB Hi-Fi (JBH) has brought forward the departure date of outgoing chief executive Terry Smart, who will now step down on June 30.

In April, the retailer announced Mr Smart's departure and named chief financial officer Richard Murray as his successor. At the time, JB Hi-Fi said Mr Smart would depart in August.

JB Hi-Fi chairman Greg Richards said the early exit was the result of a "smooth and successful transition period".

The retailer also said it expects full-year sales in fiscal 2014 to increase by about 5.3% on the previous year.

It then reiterated its NPAT earnings guidance for the full-year in the range of $126 million to $129 million, an increase of 8.3% to 10.8% on the prior year.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles