Harvey Norman, Australia’s largest white goods and home retailer, says pre-tax profits have halved in the first three months of the new financial year as sales momentum deteriorates faster than the market expected.
The company intends to buy back up to 10 per cent of its shares, or $442 million, following the poor sales update and amid a slump in the share price in the last month.
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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
