Retiring JB Hi-Fi boss Terry Smart crosses his fingers for an RBA rate cut as retailer posts 5.4pc profit lift

Outgoing JB Hi-Fi CEO Terry Smart hopes for an interest rate cut to boost consumer spending, despite acknowledging it may take multiple cuts to see significant sales growth. The retailer reported a 5.4% increase in net profit to $462.4 million and announced Smart’s retirement, effective early October, with Nick Wells set to take over; JB Hi-Fi shares fell 7.5% amid this transition.

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