Harvey Norman takes a dip

Harvey Norman takes a dip

Reports sales loss of 2.9 per cent in Australia when compared to first quarter results last year

ASX-listed retail giant, Harvey Norman (ASX:HVN) recorded a sales loss of 2.9 per cent in Australia and 10.2 per cent in New Zealand, in comparison to the same first quarter last year.

Overall, global sales fell 3.8 per cent to $1.48 billion in the retailer's first quarter, which runs from July 1 to September 30.

The unaudited preliminary accounts also indicated profit before tax and minority interests for the consolidated entity fell to $62.8 million from $77.7 million compared to the same period last year.

This is a reduction of 19.3 per cent.

According to the retailer, factors contributing to its loss include the strength of the Australian dollar, price deflation and the increased retail competition, as well as the closure of four Clive Peeters outlets and three Rick Hart stores.

During October, Harvey opened its Victoria-based Springvale store along with other stores in locations such as Croatia, Slovenia and Singapore.

Harvey Norman was trading at $2.03 at the time of publication.

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