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...

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.

{{content.question}}

SMS Code Sent…

Hi {{ user.FirstName }}

Looks like you've already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

If you didn't receive SMS code please

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device


Verify your mobile number

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa

Related Articles