The Australian Competition and Consumer Commission (ACCC) along with State Minister, Vic Dominello and Fair Trading Commissioner, Rod Stowe are all standing up to Korean giant Samsung and its unacceptable response to its serious washing machine recall.
Harvey Norman saw its annual net profit for fiscal 2015 lift by 26.6 % to $268.1 million, from $211.70 million in 2014. Excluding property revaluations, annual net profit was up 19% to $261.84 million, from $220.1 million. Harvey Norman chairman, Gerry Harvey has attributed the growth outlook for the property market in Australia as positive, pointing to new starts, renovation expenditure, and secondary market clearance rates as significant drivers.
Industry suppliers to David Jones can feel confident about future sell- through as South African retailer Woolworths, reversed a four-year slide in earnings at the department store. Yesterday, the company reported a 28.8% increase in operating profit to $161 million in the 11 months ended June 30.
Woolworths Corp is regrouping after a profit crash of 12.5% to $2.146 billion and the departure of chairman Ralph Waters (formerly managing director of Email Ltd prior to its sale to Electrolux). Although the company is now without a permanent head of either the Supermarket business or Big W, it is possibly in the best position to move forward under fresh leadership.