More evidence today of the weakening Aussie consumer, with Harvey Norman’s Australian operations recording a 5.2% fall following reduced demand for furniture, bedding and appliances amid the rout in house prices. From The AFR:
Earnings from Australian franchised operations fell 5.2 per cent to $158.5 million as weaker demand for furniture, bedding and appliances amid falling house prices and tighter access to credit dented sales and margins.
Total sales from Australian franchised stores fell 1.7 per cent to $2.95 billion during the half and same-store sales fell 0.6 per cent, compared with 4.1 per cent growth in the year-ago period
