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The Harvey Norman indicator of retail decline (1 Viewer)

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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.
 

numbercruncher

Beware of Dropbears
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Von Norman might start begging for the homeless to come spend their pension cheques on a new iphone or something ?
 
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Von Norman might start begging for the homeless to come spend their pension cheques on a new iphone or something ?

Probably but as he doesnt like people giving to charities, because the recipients dont contribute to society, (his words) I hope everyone leaves him out in the cold.

Electrical goods including computers from Power House
Furniture from almost anywhere else.
Beds from Capt'n Snooze or 40 Winks
Carpets from Carpet World or a lot of other specialist places.
Better buying computers from your local computer store or Harris Technology, at least they take them back if there's a problem and know what they're doing.

Try taking something back to HN, no thanks.

There's absolutely no need to shop at HN unless you're just sucked in by the ads.

I've got nothing against them except for what Harvey said about charities I just know you can do much better elsewhere.
 
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gold, harvey needs to start offering no deposit home loans
to get the market moving, thowing in the furniture of course,
interest free.
 

xoa

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Good. I'll shed no tears if HN goes bankrupt. They epitomise the worst of contemporary Australian culture.
 
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Watch their sales spike in December when Kevin 747's $1000 per child boost the economy payment gets spent on big screen TV's and the like.
 
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This time last year I was buying lots of new things (I was moving house at the time).

Oven I bought from Harvey Norman - very nice one, RRP $1600 and got it for $1150 (cash) delivered. Couldn't find the same oven anywhere else and it was exactly what I wanted.

White goods - bottom line here is Electric World were simply cheaper than HN.

TV (big screen) - Same price (after haggling) just about everywhere. I bought it from Myer simply because I'm impressed with the way the company looked after the staff after their Hobart store burnt down last year (even the casuals remained on full pay whilst there was no work for them).

Maybe I'm wrong, but I can't imagine Harvey Norman etc doing the same thing should something like that happen to one of their stores. Now I just hope Myer can get the financial issues with the building owners sorted out (or find a new landlord) and do something with that big hole in the ground before it ends up being a permanent monument to the financial crisis.:2twocents
 

Glen48

Money can't buy Poverty
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Told HN sold upgrades for my Sat Nav went there and got a new model TomTom just out. Ask the girl how was business she said so slow you can feel it.
Feel sorry for his staff but he is a RE salesman who set up the franchise's and suck them in. A few months ago he told ABC thing would not go bad.
Looks what happened in the past 3 months how quickly it is changing.
 
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DJ's sales down 6.8% year-on-year; h/e it met their expectations so no need for a profit downgrade.

6.8% decrease is fairly hefty in the retail game - discretionary spending is being murdered.
 
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DJ's sales down 6.8% year-on-year; h/e it met their expectations so no need for a profit downgrade.

6.8% decrease is fairly hefty in the retail game - discretionary spending is being murdered.

However, the GuvMint$ XMAS BONUS is nigh!! The chatter of Pokies and *BINGO* will erupt again in a frenzy of productive spending. Santa Swan will go to bed on Xmas Eve with a gleam in his eye.

All's well in the Land of Nod.

"zzzzz....zzz"

:santa:
 

greggles

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The National Australia Bank's monthly business survey says that retail is clearly in recession
Meanwhile, Harvery Norman has spent most of the last five months in a bullish uptrend.

So who's wrong, the market or the NAB?


big.chart-HVN.gif
 
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In the West, the times seem to be tough for Harvey, I know I have got a couple of great deals recently.:xyxthumbs
 

tech/a

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Retail is stuffed
I haven’t heard an old style retailer
Success story for years.

Only Niche’s seem to survive.

Perhaps Bunnings
Aldi or ikea but you could argue that are
Niche
 
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Retail is stuffed
I haven’t heard an old style retailer
Success story for years.

Only Niche’s seem to survive.

Perhaps Bunnings
Aldi or ikea but you could argue that are
Niche

Online retailing is killing the walk in stores.
 

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