Terry Smart to depart JB Hi-Fi

Retailer announces departure of CEO in August, Richard Murray named as successor.

JB Hi-Fi (JBH) chief executive officer Terry Smart will depart the company in August, with the board of the retailer endorsing Richard Murray as his successor.

Mr Murray has been the retailer's chief financial officer for over a decade and became a director in 2012.

Nick Wells, who currently serves as JB Hi-Fi's group financial controller will replace Mr Murray in the CFO role. Mr Wells, a chartered accountant, joined the retailer in 2009 from Deloitte.

Mr Smart said the company, which has been one of the retail sector's strongest performers in recent years, was well positioned for future growth.

"After 14 years with JB Hi-Fi it was a hard decision to make," he said.

"But the decision is made easier because the company is in a strong position.

"With great growth opportunities ahead, combined with the best retail management team in the market, I know the company will continue to see long term success."

Mr Murray said he would look to continue the company's expansion.

"We have many opportunities to grow the business as we continue the store roll out, expand JB Hi-Fi HOME, further develop our online and digital platform and build our commercial and education division," he said.

JB Hi-Fi reaffirms FY guidance

The retailer also unveiled an update on its March quarter performance, reporting consolidated comparable sales growth for the period of 3%.

JB Hi-Fi said total consolidated sales growth for the March quarter was 5.7%.

As a result JB HI-FI reaffirmed its full-year guidance of an increase in total sales of between 6% and 8% on the prior year.

The retailer still expects net profit before tax (NPAT) to be in the range of $126.0 million to $129.0m, which represents an increase of 8.3% to 10.8% on
the prior year.

JB Hi-Fi said in the financial year to date it has opened eight new stores, with two opened in the second half.

The retailer anticipates having a total of 22 JB Hi-Fi Home stores by the end of fiscal 20174 with 19 stores already converted and a further 3 stores to be converted in the fourth quarter.

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