Perennial wise man and talisman of Australian retailing has been reported to be enjoying some calm in improved trading conditions after many quarters of tough sales and competition with online sales channels.
....Despite TVs and computers still being the Achilles heel of his retail chain, suffering from continued sharp price deflation and shrinking sales revenue, Harvey Norman was recording better growth from its other departments, such as home appliances, furniture and bedding....Its Australian store network, the bulk of the Harvey Norman retail empire, recorded its first positive sales lift since the fourth quarter of 2011 and the first positive like-for-like quarterly sales growth since the first quarter of 2011....
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But the executive chairman of Harvey Norman, who began working in the retail sector 50 years ago, warned retail conditions remained fragile, creating a tough environment the likes of which he had never seen....''Our sales have been going down, down, year after year,'' Mr Harvey told BusinessDay. ''That has never happened to us before - I've been in business for over 50 years and I have never gone through something like this....(here)
Too right Gerry and more to come unfortunately...
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