I've been waiting for this, a massive drop, who knows how bad next year will be - where is the bottom of all this ? It's like watching grass grow and the property decline hasn't really started yet in earnest.
Retailer Harvey Norman says its profit before tax for the first quarter of 2008/09 is likely to be 31.5 per cent lower than the previous corresponding period.
Unaudited preliminary accounts for the period from July 1 to September 30 indicate profit before tax and minority interests of $71 million, compared to $103.6 million for the corresponding prior period, chairman Gerry Harvey said in a statement.
The retailer said like for like written sales for the 28 days ending November 23 decreased by 3.1 per cent on the corresponding period last year.
Harvey Norman has been reporting sales data for the month of November, to provide guidance "as to what is really happening out in the retail market".
It will report sales figures for the final time next week.