MURRAY SAYS JB HI-FI GROWING TO PLAN

JB Hi-Fi (ASX: JBH) is on track to achieve $4.25 billion in sales for FY17, says CEO Richard Murray.

Speaking at the company's AGM today, Murray (pictured) says the retailer has met guidance for the first quarter, with sales up 12.4 per cent and comparable sales up 8.3 per cent.

In FY16, the group achieved sales of $3.95 billion, with total sales growth of 8.3 per cent and comparable sales growth of 5.4 per cent. Gross profit increased 8.4 per cent and gross margin improved to 21.0 per cent.

This year, JB Hi-Fi expects to open seven new stores to reach its target of 214 stores across Australia and New Zealand.

Murray also gave an update on the company's acquisition of The Good Guys, saying the objective is to complete the purchase on 27 November, subject to relevant conditions being met. If these are not met, the acquisition will complete in early 2017.

"We have commenced integration planning while remaining focused on Christmas trading," says Murray.

"We are pleased with the progress made to date and as part of our integration planning we have considered the necessary resources to support the expanded group."

JB Hi-Fi is trading up 2.93 per cent at $28.830 per share at midday today.