One of the country’s largest retail chains, Harvey Norman, says pre-tax profits have almost halved in the September quarter as the cost of living crunch sees households with less money to spend on appliances, TVs, furniture and other gadgets.
Furniture, electronics and white goods retailer Harvey Norman says a slump in sales has hit profit for the first quarter of the financial year.
Welcome to the Trading Day blog for Friday, October 27. ASX 200 to waver. Weak July-Sept sales dent consumer retailer’s earnings. ResMed’s strong start to FY24. SkyCity warns of ‘considerable uncertainty’. Fletcher waits on ‘cycle to turn’. FTX founder struggling for answers in US trial.
Origin Energy has agreed a deal to underwrite the development of Venice Energy’s LNG import terminal in South Australia, as Australia’s largest electricity and gas retailer moves to secure supply routes ahead of a looming east coast domestic crunch.
Officeworks boss Sarah Hunter has revealed ambitious growth plans for WA as the retailer unveils its new Perth warehouse, which is set to double the company’s operational footprint in the State.
Wesfarmers chief executive Rob Scott says cautious consumers continue to be wary about making big-ticket purchases at its hardware retail giant Bunnings, opting for smaller outlays on repair and maintenance products, although trading across its key retail brands was holding up in the face of uncertain economic conditions.
Home appliance and consumer electronics sales fell for JB Hi-Fi and The Good Guys as the companies face a ‘tougher retail trading environment’.
Electronics giant JB Hi-Fi has posted a first quarter sales decline for its Australian operations amid what it describes a challenging retail environment.
Coles boss Leah Weckert says inflation in key supermarket grocery categories is moderating as the retailer posts a 3.6 per cent jump in sales.