Harvey Norman News
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Keith Darley, a 34-year-old electrician, hears from the government that Australia is the envy of the developed world. Yet the father of two, who employed 22 people a year ago, now works alone and says he’ll be voting against Prime Minister Julia Gillard in the Sept. 14 election.
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Harvey Norman Holdings Ltd., Australia’s largest electrical-goods retailer, said first-half earnings fell 2.1 percent as stalling consumer spending cut sales and crimped fees from franchisees.
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JB Hi-Fi Ltd., Australia’s second- largest electrical retailer, led gains among consumer discretionary stocks with the biggest surge in four years after forecasting full-year profit higher than analysts’ estimates.
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Harvey Norman Holdings Ltd., Australia’s biggest furniture and electronics retailer, fell the most in six months in Sydney trading after posting quarterly sales that missed some analyst estimates.
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Australian retail outlets are improving operations and profitability in response to the challenge from online shopping rivals, said Steven Sewell, chief executive officer of shopping mall operator Federation Centres.
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Harvey Norman Holdings Ltd., Australia’s largest electrical-goods retailer, said nine-month earnings dropped 25 percent as a consumer slowdown curbs sales and discounting crimps profitability.
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Harvey Norman Holdings Ltd. , Australia’s biggest furniture and electrical retailer, signed A$560 million ($557 million) of revolving loans, according to data compiled by Bloomberg.
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Harvey Norman Holdings Ltd. , Australia’s biggest electrical and furniture retailer, posted a 4 percent drop in domestic fourth-quarter sales after the government withdrew its stimulus spending.
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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.
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Australia’s S&P/ASX 200 Index rose 0.6 percent to 4,954.30 at the close of trading in Sydney. New Zealand’s NZX 50 Index advanced 0.4 percent to 3,304.97 in Wellington.
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