Harvey Norman NZ annual sales fall 4 percent as group profitability plunges

Mon, 06 Aug 2012

By Paul McBeth Aug. 6 (BusinessDesk) – Harvey Norman's New Zealand sales fell 4 percent in the latest financial year as the wider group's profit plunged on tough trading conditions in its electrical goods categories. The Sydney-based retailer reported a 7 percent decline in group sales at its franchise stores to A$5.74 billion in the year ended June 30, led by an 8.1 percent drop in Australian revenue and a 4 percent decline in New Zealand. On a like-for-like basis, sales fell 7 percent and 4.7 percent respectively. The sales figure doesn't...

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