Harvey Norman Boss Buys Up As Sales Go Flat

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One of Harvey’s top bosses has bought 7,450 shares in the retailer.

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Harvey’s Chief Financial Officer and Company Secretary, Chris Mentis, now holds 7,450 shares and 1,000,000 options, the ASX said yesterday.

The total value of this transaction was $19,891.50.

This comes as the retail giant, which has been beseiged by flat retail period, falling margins and profits, which in February fell 16.5 per cent.

This less than spectacular perfomance was blamed on price deflation in key categories, driven by
the strong Australian dollar, a challenging retail environment and
also the extreme weather.

However, it is looking to turn this around and looking to take its business online to restore growth prospects, already jumping on the group buying bandwagon with its Harvey’s Best Buy’s, which it kicked off in March last.

And considering Mentis is the top financial dog, he must know what he’s doing.

Prices of the retailer’s shares has dipped from a high in September last year of $3.95 to an all time low of $2.63 recorded this month.

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