By Patrick Avenell
SYDNEY: Pressure is mounting on Clive Peeters managing director Greg Smith to post sales figures and profit guidance for the first quarter of FY09. Clive Peeters has so far not posted any updated information to the ASX, despite rival listed retailers Harvey Norman and JB Hi-Fi doing so.
Whilst it is not mandatory to post these reports, both Harvey Norman and JB Hi-Fi have been very proactive in this regard, with their respective leaders Gerry Harvey and Richard Uechtritz writing to the ASX to notify the market of updated sales activity.
Harvey has been especially forthcoming, writing on 14 October 2008 that he would post updated sales activity for the preceding 28 days each week for the next four weeks. With the economic crisis evolving daily, this sort of openness is crucial for investors and analysts in and of the leading Australian retailer.
Clive Peeters has not posted any sales information since the company’s FY08 results presentation on 27 August 2008. The ASX, and in turn the market, has not received any information regarding Clive Peeters’ performance in the retail market for the period since 1 July 2008.
Current.com.au has repeatedly contacted Clive Peeters, and left messages for Smith seeking comment on this issue, but thus far we have not been given any information as to whether the retail company will be posting notices to the ASX.