Harvey Norman Sales Slump As Consumers Say We Are In A Recession

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Harvey Norman sales have declined 3.1% sales for the 28 days ended 23rd November 2008. Revenues are down $32 million according to CEO Gerry Harvey in a report to the Australian stock exchange.

Harvey Norman sales have declined 3.1% sales for the 28 days ended 23rd November 2008. Revenues are down $32 million according to CEO Gerry Harvey in a report to the Australian stock exchange.

Unaudited preliminary accounts for the period 1 July 2008 to 30 September 2008 indicate profit before tax and minority interests for the consolidated entity of $71.0 million compared to $103.6 million for the corresponding prior period, a reduction of 31.5%.

The decline follows a report yesterday that revealed, that a large percentage of Australians intend to wait until after Xmas to shop. According to the latest Retailers Association retail survey, 63 per cent of respondents said they were going to purchase the same amount of gifts this year, but will be more careful with the type and price of the items they purchase.

62.1% of consumers said that they believed that Australia is currently in a recession. 28.4% per cent believe the economy is stable.

The survey also reported that of the consumers who were considering buying electronics which included gaming, 14.7% planned to purchase an MP3 Player or IPod.

More than a quarter 27.1% were purchases of home electronic appliances and other electronics. However, the Nintendo Wii was also a popular choice with 13.4 per cent, followed by other computer games 12.9% being popular gifts for Christmas 2008.

Only 12.3% said that they were going to spend more money on Christmas gifts this year, whereas in 2007 it was 21.5 per cent.

“Consumers are likely to be savvier this year, and will be doing research on the internet to make sure they get the best value for money,” said Deloitte director and retail expert, Katrina Doney.

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