Harvey Norman

Harvey Norman released its fourth quarter sales results yesterday. The company reported same-store sales growth of -7.3% in Australia, similar to the -7.7% reported in the third quarter. The decline was more disappointing than it looked because other retailers—Woolworths, for example—have reported a marked positive effect from the government’s handouts in the fourth quarter. Also, in the past Harvey Norman has benefited from people upgrading their televisions for the Olympics. On the conference call, management claimed it had noticed these effects but, if so, it implies underlying sales were even worse. Management reiterated that the sale of Dick Smith...

Harvey Norman released its fourth quarter sales results yesterday. The company reported same-store sales growth of -7.3% in Australia, similar to the -7.7% reported in the third quarter.

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