549% Growth For JB Hi Fi Vs 11% for Harvey Norman

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Harvey Norman shares have plunged 8.7 per cent after 2009 sales growth more than halved to just 3.8%. In comparison JB Hi Fi is predicting sales growth in excessive of 25% with JB Hi Fi CEO Richard Uechtritz, claiming that the market for consumer electronics goods has not softened.

Harvey Norman shares have plunged 8.7 per cent after 2009 sales growth more than halved to just 3.8%. In comparison JB Hi Fi is predicting sales growth in excessive of 25% with JB Hi Fi CEO Richard Uechtritz, claiming that the market for consumer electronics goods has not softened.

Uechtritz also said that he was comfortable with the predictions of Access Economics and the Reserve Bank who have both predicted that the worst of the economic downturn is behind Australia. He also said that he had no interest in buying failed retailer Truscott’s.

“We are very comfortable with our sales forecasts. There are a lot of new products coming in the second half and while some of it is not necesarily new technology we anticipate that consumers will upgrade to new generation notebooks with Windows 7 as well as new thiner, lighter more power efficent TV’s”

When asked about the failure of Truscott’s in South Australia he said “We have no interest inb the Company. Expect to see a lot more failures in coming months among smaller retailers”.  

Overall sales at Harvey Norman rose 3.8 per cent in 2009, compared to 8.7 per cent sales growth in the previous period. During the past 12 months investors in Harvey Norman have got a return of just 1.24% Vs 27.85% with JB Hi Fi.


Click to enlarge

Over 5 years, a JB Hi Fi Investor has seen growth of 549% Vs a return for Harvey Norman of only 11.26%.
At one stage today shares in Harvey Norman fell as low as $3.17 in what was a positive market.

 

The electrical goods and furniture retailer said sales in Australia, New Zealand, Slovenia and Ireland (excluding Singapore) rose 3.8 per cent to $6.03 billion for the year to June 30, from $5.8bn in the previous year.

Senior executives of the retailer said that margins were tight and that they are still uncertain of future trading conditions.

The S&P/ASX 200 was up 6.4 points, or 0.2 per cent, to 4056.7.

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