JB Hi-Fi to Acquire Victorian Kitchen, Laundry Specialty Store

The electronics consumer retailer posted a net profit of $438.8 million in the last fiscal year, down 16.4 percent.

People shop in a JB Hi-Fi store on May 28, 2015 in Melbourne, Australia. Scott Barbour/Getty Images

JB Hi-Fi is moving to acquire kitchen and laundry specialist E&S Trading to expand its product offerings after seeing a decline in net profit and sales in the last fiscal year.

Under the acquisition agreement, JB Hi-Fi will initially purchase 75 percent of E&S for $47.8 million and will buy the remaining 25 percent in September 2029. The acquisition will be funded with existing cash reserves.