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JB HI-FI produces strong profit despite retail slump

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The CEO of JB HI-FI has attributed their workplace culture as the reason behind a surprisingly strong profit growth in a bleak retail market.

The electronics retailer’s full-year profit rose 7.1 per cent to $249.8 million and its total sales from its Australian stores were up 4.1 per cent to $4.73 billion.

This goes against all odds, with National Australia Bank’s monthly business survey having previously declared the retail sector “is clearly in recession”.

JB HI-FI CEO Richard Murray tells Ross Greenwood the workplace culture is key.

“It’s a very empowered culture… I think that means our staff don’t get micro-managed, we set some key goals and we all chase them together.

“We are a big company now but I like to think we still think like a small company, which means we put the customer at the heart of everything we do.”

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