Dick Smith Holdings Ltd., Australia’s largest electronics chain by store numbers, made its stock market debut with a valuation more than five times the sale price received by former owner Woolworths Ltd.
Harvey Norman Holdings Ltd. , Australia’s largest furniture and electrical retailer, had a 37 percent drop in profit after the effects of a government stimulus package waned, curbing demand for household goods.
On a sidewalk in Sydney’s Bankstown neighborhood, where unemployment is more than double Australia’s average, Dave Cox pulls the starter cord of an edge trimmer to prove it works as he tries to sell it to pawnbroker Cash Converters International Ltd.
Andy Adams has already bought his Christmas candy. With the Australian dollar down 12 percent in its longest losing streak since the 2008 financial crisis, he’s stocking his food store early in anticipation of a further fall.