Harvey Norman

If Harvey Norman’s first quarter sales results were poor, the second quarter sales were abysmal. The company announced yesterday that global same-store sales fell a whopping 8.0%, with Australia worse than the average at minus 9.5%. Same-store sales in Ireland rose by 10%, although don’t read too much into that. The half-yearly results showed that Harvey Norman is living in a world of pain. Company-operated sales revenue might have been flat at $807m and ‘Other’ revenue fell slightly to $584m but, digging deeper, the franchising margin fell sharply from 5.5% to 3.7%. While headline net profit declined only slightly to...

If Harvey Norman’s first quarter sales results were poor, the second quarter sales were abysmal. The company announced yesterday that global same-store sales fell a whopping 8.0%, with Australia worse than the average at minus 9.5%. Same-store sales in Ireland rose by 10%, although don’t read too much into that.

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