Harvey Norman executive chairman Gerry Harvey says the biggest problem facing the retailer is surging costs, with better-than-expected Black Friday sales not enough to stem a slide in sales over the past five months.
Before the company’s annual meeting on Wednesday, Harvey Norman told investors that sales had fallen 7.8 per cent between July 1 and November 25, even though there had been a small improvement from a month ago when it warned that pre-tax profits halved in the September quarter.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
