JB Hi-Fi
JB Hi-Fi Limited is an Australian consumer electronics and home appliances retail company. It is publicly listed on the Australian Securities Exchange. Its headquarters are located in Southbank, Melbourne, Victoria.[1]
| Type | Public |
|---|---|
| |
| Industry | Retail |
| Founded | Keilor East, Victoria, Australia (1974; 49 years ago) |
| Founder | John Barbuto |
| Headquarters | Southbank, Victoria, Australia |
Number of locations | 213 |
Key people | |
| Products | |
| Revenue | A$8.92 billion (2021) |
| A$743.1 million (2021) | |
| A$506.1 million (2021) | |
| Total assets | A$1.106 billion (2020) |
| Subsidiaries | The Good Guys |
| Website | jbhifi |
As of June 2022 the company operates 213 stores across Australia and New Zealand including 199 JB Hi-Fi and JB Hi-Fi Home stores in Australia, and 14 JB Hi-Fi stores in New Zealand, in addition to 106 The Good Guys stores in Australia.[1]
History
1974–2009
JB Hi-Fi was established in the Melbourne suburb of Keilor East by John Barbuto (JB) in 1974, selling music and specialist hi-fi equipment.[2] 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 ASX in October 2003.[3][2]
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).[4] JB Hi-Fi later established stores under their own JB Hi-Fi brand in 2007, and closed all Hill and Stewart stores in 2010.[5][6]
2010–2019
In 2010, there were 10 JB Hi-Fi stores in New Zealand. In 2011, this increased to 13.[7]
On 22 September 2015, a man with Down Syndrome was refused entry into a JB Hi-Fi store in Brisbane, Australia, after being confused for another person who had been banned from the store. The resulting media attention resulted in CEO Richard Murray publicly apologising to the family.[8]
On 13 September 2016, JB Hi-Fi announced its acquisition of The Good Guys, for $870 million, the acquisition resulted in JB Hi-Fi group enlarging its share of the Australian home appliances retail market to 29% and growing its share of the consumer electronics retail market to 24%.[9]
In August 2018, JB Hi-Fi was ranked as the equal 7th largest consumer electronics and home appliance retailer in the world.[10]
2020–present
By 2020 most of JB Hi-Fi's sales had shifted away from software (music CDs, DVDs and video games) to hardware (such as televisions, mobile phones and computers). That year software sales made up only 8% of total sales for the retailer, down from 27% in 2010.[11]
On 28 April 2021, it was announced that Richard Murray, JB Hi-Fi's CEO of seven years, would be leaving his role at the end of August to work alongside trader Solomon Lew at the latter's company Premier Investments. Terry Smart, the head of The Good Guys, was announced as Murray's replacement on the same day.[12]
Corporate affairs
Financial performance
For financial year 2022 (1 July 2021 - 30 June 2022) JB Hi-Fi Limited reported sales of AUD$9.23 billion, earnings before interest and taxes (EBIT) of AUD$794.6 million and net profit after tax (NPAT) of AUD$544.9 million.[13]
| JB Hi-Fi Limited[13] | AUD Millions | AUD Millions | ||
|---|---|---|---|---|
| Financial Year | Sales | EBIT | NPAT | JB Hi-Fi Financial Performance 2001-2022 |
| 2001 | $154.9 | $5.7 | $2.6 | JB Hi-Fi Sales 2001-2022 Sales JB Hi-Fi Profitability 2001-2022 Earnings before interest and taxes (EBIT) Net profit after tax (NPAT) JB Hi-Fi Profitability 2001-2022 |
| 2002 | $248.8 | $11.6 | $6.2 | |
| 2003 | $355.8 | $16.7 | $8.6 | |
| 2004 | $452.4 | $22.8 | $13.8 | |
| 2005 | $639.9 | $34.7 | $19.5 | |
| 2006 | $945.8 | $44.5 | $25.8 | |
| 2007 | $1,281.8 | $65.5 | $40.4 | |
| 2008 | $1,828.6 | $102.3 | $65.1 | |
| 2009 | $2,327.3 | $142.0 | $94.4 | |
| 2010 | $2,731.3 | $175.1 | $118.7 | |
| 2011 | $2,959.3 | $196.0 | $134.4 | |
| 2012 | $3,127.8 | $161.5 | $104.6 | |
| 2013 | $3,308.4 | $177.8 | $116.4 | |
| 2014 | $3,483.8 | $191.1 | $128.4 | |
| 2015 | $3,625.1 | $200.9 | $136.5 | |
| 2016 | $3,954.5 | $221.2 | $152.2 | |
| 2017 | $5,628.0 | $290.5 | $172.1 | |
| 2018 | $6,854.3 | $350.6 | $233.2 | |
| 2019 | $7,095.3 | $372.9 | $249.8 | |
| 2020 | $7,918.9 | $483.3 | $302.3 | |
| 2021 | $8,916.1 | $743.1 | $506.1 | |
| 2022 | $9,232.0 | $794.6 | $544.9 | |
Store count
As of 30 June 2022 the company operates 199 JB Hi-Fi stores in Australia and 14 JB Hi-Fi stores in New Zealand, in addition to 106 The Good Guys stores in Australia.
| JB Hi-Fi Limited Store Count 2001-2022[14] | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
JB Hi-Fi Store Count 2001-2022 Total Stores JB Hi-Fi Australia Stores JB Hi-Fi New Zealand Stores The Good Guys Stores Clive Anthony Stores Hill & Stewart Stores JB Hi-Fi Store Count 2001-2022 | ||||||||||||||||||||||
| Financial Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| JB Hi-Fi Australia | 15 | 21 | 26 | 27 | 42 | 60 | 71 | 85 | 98 | 120 | 139 | 153 | 163 | 169 | 173 | 179 | 185 | 193 | 196 | 195 | 197 | 199 |
| JB Hi-Fi New Zealand | - | - | - | - | - | 1 | 5 | 8 | 10 | 13 | 13 | 13 | 13 | 14 | 15 | 16 | 15 | 14 | 14 | 14 | 14 | |
| The Good Guys | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 102 | 103 | 105 | 105 | 105 | 106 |
| Clive Anthonys | - | - | - | 5 | 6 | 6 | 6 | 8 | 11 | 11 | 5 | 2 | 1 | - | - | - | - | - | - | - | - | - |
| Hill & Stewart | - | - | - | - | - | - | 11 | 7 | 6 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Store Count | 15 | 21 | 26 | 32 | 48 | 66 | 89 | 105 | 123 | 141 | 157 | 168 | 177 | 182 | 187 | 194 | 303 | 311 | 315 | 314 | 316 | 319 |
Branding
JB Hi-Fi is known for its distinctive hand-drawn instore signage and product reviews written by its employees,[15] some examples of which have gone viral on the internet.[16][17][18] Commentators have noted that the bespoke signage gives customers the impression that the business can keep their prices low compared to competing retailers by not spending money on professional printing.[19]
The image of the retailer has been described as "deliberately laid-back",[11] and the fit out of their stores as "bare bones".[2]
References
- ^ a b "Annual Report 2021" (PDF). JB Hi-Fi. JB Hi-Fi. Retrieved 28 March 2022.
- ^ a b c d "After years of sky-high sales, can JB Hi-Fi do it again?". Sydney Morning Herald. Retrieved 5 January 2023.
- ^ . JB Hi-Fi. 2002. Archived from the original on 16 February 2007. Retrieved 16 February 2007.
- ^ "JB Hi-Fi buys NZ chain for $15m". The Sydney Morning Herald. 12 December 2006. Retrieved 7 July 2017.
- ^ "JB boss discusses Hill and Stewart closures in New Zealand". Appliance Retailer. 12 January 2010. Retrieved 9 July 2019.
{{cite web}}: CS1 maint: url-status (link) - ^ Slade, Maria (14 January 2010). "Closing time for Hill and Stewart after 60 years". APN News & Media. New Zealand Herald.
- ^ Newton, Gary (9 August 2010). "JB Hi-Fi reports loss in NZ but continues to expand". Allied Press. Otago Daily Times.
- ^ "JB Hi-Fi sorry for refusing man with Down syndrome entry into Brisbane store". ABC News. 22 September 2015.
- ^ "JB Hi-Fi announces Good Guys takeover worth $870m". ABC News. 13 September 2016. Retrieved 9 July 2019.
{{cite web}}: CS1 maint: url-status (link) - ^ "How JB Hi-Fi moves up global retail ladder". Appliance Retailer. 20 August 2018. Retrieved 25 August 2018.
{{cite web}}: CS1 maint: url-status (link) - ^ a b Mitchell, Sue (14 February 2020). "The (not so) secret to JB Hi-Fi's success". Australian Financial Review. Retrieved 5 January 2023.
- ^ Powell, Dominic (28 April 2021). "JB Hi-Fi boss to lead Solomon Lew's Premier Investments". The Sydney Morning Herald. from the original on 28 April 2021. Retrieved 28 April 2021.
- ^ a b "JBH share price and company information for ASX:JBH". Australian Securities Exchange. Retrieved 28 December 2022.
- ^ "Annual Reports | JB Hi-Fi Solutions". JB HI-FI INVESTORS. Retrieved 28 December 2022.
- ^ Serrel, Mark (10 March 2021). "Confessions Of JB Hi-Fi Reviewers". Kotaku. Retrieved 4 January 2023.
- ^ Walker, Alex (17 July 2022). "The Best JB Hi-Fi Reviews". Kotaku. Retrieved 4 January 2023.
- ^ Bassi, Isha (3 December 2018). "25 Times JB Hi-Fi Employees Proved They Really Don't Get Paid Enough". Buzzfeed. Retrieved 4 January 2023.
- ^ Grixti, Shannon (14 June 2020). "A JB Hi-Fi Store Has Created A Very Questionable The Last Of Us Part II Display". Press Start. Retrieved 4 January 2023.
- ^ Murphy, Jason (18 August 2020). "JB Hi-Fi profits: Clever trick retailer used to boost sales". News.com.au. Retrieved 5 January 2023.
External links
- Official website
- Official website (New Zealand)
- "Clive Anthonys". Archived from the original on 22 July 2011. Retrieved 18 November 2017.