JB Hi-Fi

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JB Hi-Fi Pty Ltd
Type
Public (ASX:JBH)
Founded
Melbourne, Victoria, Australia 1975
Headquarters
Melbourne, Australia
Key people
Richard Uechtritz, CEO
Industry
Retail
Products
CDs, DVDs, Blu-ray discs, video games and consumer electronics
Revenue
$1.83 billion AUD (2007-8)
Website
www.jbhifi.com.au
JB Hi-Fi (ASX:JBH) is an Australian CD, DVD, Blu-ray disc, video game and consumer electronics chain store.
Contents
1 History
2 Acquisitions
3 Controversy
4 References
5 External links
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History

JB Hi-Fi in the Macquarie Centre
JB Hi-Fi was established in Melbourne suburb of Keilor East by John Barbuto (JB) in 1974. Barbuto sold the business in 1983 to Richard Bouris and David Rodd who expanded JB Hi-Fi into a chain of ten stores in Melbourne and Sydney 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.
At first, it mainly 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. They were one of the first Australian music retailers to do so; although recently bringing vinyl records back in stock. This allowed JB Hi-Fi to open many new stores in Melbourne and later expand to other states. The chain now has stores all around Australia and some in Auckland, New Zealand's largest city and other parts of New Zealand.
Recently, while many music stores claim to have been losing money, JB Hi-Fi has increased profits by 50% in the years 2004-05 and 2005-06 and a further 56% in 2007-08. JB also specialises in imported CDs, mainly from the United Kingdom and the United States, although CDs from other countries, such as Japan are available on request. The success of JB Hi-Fi's business model can be seen in the extremely rapid growth of the company after it was floated, with the chain opening dozens of new stores around the country.[citation needed]
JB Hi-Fi, has diversified its business from predominantly selling music CDs, and are now a major retailer for Plasma and LCD, audio/visual, digital camera photography, portable audio, in-car entertainment, computer/video games, DVD movies, gadgets and information technology.
The Sydney Morning Herald reported in June 2007 that JB Hi-Fi is now Australia's biggest CD retailer and is second in terms of sales of computer games, televisions and car stereos.
In the half year 2007/8 report, it was reported that there are now 89 store locations in Australia and 15 in New Zealand. New Zealand currently has seven JB Hi-Fi stores open: Queen Street, Albany, Manukau, New Lynn, St. Lukes and Hamilton. A Wellington store opened in December 2008 with other stores around New Zealand due in the near future.
Acquisitions
In July 2004, JB Hi-Fi bought 70% of the Clive Anthony chain in Queensland.
On 13 December 2006, JB Hi-Fi acquired the Hill and Stewart chain of electronics stores selling and operating in New Zealand for $NZ17.5 million ($A15.3 million).
In June 2007, JB Hi-Fi expanded its foothold in the Australian market by opening a Sydney branch of Clive Anthonys, at the Supa Centa Castle Hill (formerly Hills Homemaker Centre) which departed from the market that they had already established a strong presence, in that they specialise in whitegoods.[citation needed]
Controversy
On March 2, 2009, the Australian Competition and Consumer Commission ruled that a JB Hi-Fi branch in Newcastle, New South Wales, had engaged in false, misleading or deceptive conduct in breach of the Trade Practices Act, by selling two second-hand cell phones to a customer who had been led to believe they were new.
References
^ a b "About Us". JB Hi-Fi. 2002. http://www.jbhifi.com.au/aboutus/index.php. Retrieved on 2007-02-16.
^ JB Hi-Fi pumps up volume - The Sydney Morning Herald, 8 June 2007
^ Dec 2007 Half Year Report - Appendix 4D - www.jbhifi.com.au, 12 February 2008
^ "JB Hi-Fi caught selling used phones as new". The Sydney Morning Herald. 2009-03-02. http://www.smh.com.au/news/technology/biztech/jb-hifi-caught-selling-used-phones-as-new/2009/03/02/1235842308455.html. Retrieved on 2009-03-02.
External links
JB Hi-Fi
JB Hi-Fi Online Software Store
JB Hi-Fi Online Hardware Store
Categories: Companies listed on the Australian Securities Exchange | Companies established in 1975 | Retail companies of Australia
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