Harvey Norman: Interim result 2013

The retailer's half-year results were as bad as expected and, while a January uptick in sales was cause for celebration, it may prove a false dawn.

Investors were expecting a rubbish interim result from Harvey Norman and they got it. What they weren’t expecting, though, was a glimmer of hope from a jump in January sales, and that was enough to send the shares up 9% on the day of the result.

Profit before tax fell 32.9% in Australia to $103.2m, on an 8.6% fall in sales, or 6.3% on a like-for-like (LFL) basis.



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