Harvey Norman: crisis approaching?

As Intelligent Investor’s analyst for Harvey Norman, it’s been a journey, I can tell you. A year ago, I still had a positive recommendation on the stock, but all that changed in Tide turns against Harvey Norman last July. After four quarters of negative same-store sales growth, it was time to admit something was wrong. Since then, the deterioration has accelerated. Same-store sales in Australia fell almost 10% in the second quarter, a decline reminiscent of an economic depression. But the Australian economy is not even in recession. As you’d expect with a sales decline of that magnitude, the 2012...

As Intelligent Investor’s analyst for Harvey Norman, it’s been a journey, I can tell you. A year ago, I still had a positive recommendation on the stock, but all that changed in Tide turns against Harvey Norman last July. After four quarters of negative same-store sales growth, it was time to admit something was wrong.

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