Harvey Norman

Harvey Norman’s woes continue, with same store sales in Australia down 8.7% for the quarter ending 30 September. The company’s Slovenian and Croatian businesses experienced a 12.8% fall in sales (in local currency terms). Other regions fared better, but were buffeted by the high Aussie dollar (see Table 1). In total, like-for-like group sales fell 7.8% and profits fell a more painful 20.3% to $50.1m. The company conveniently blamed ‘cautious consumers’ and ‘price deflation’ for the falls, but we suspect more company-specific issues. That position is galvanised by the relatively stronger performance of equally exposed business such as JB Hi-Fi.

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