Last week a false dawn as Harveys sales drop further

By Patrick Avenell

As part of an finite reporting schedule to the Australian Securities Exchange, Gerry Harvey has again reported a downturn in sales for the Harvey Norman business.

“Like for like written sales for the 28 days ended 9th November 2008 (sic) from the franchised “Harvey Norman” stores in Australia decreased by 2.8 per cent when compared to the same period last year,” wrote Harvey to the ASX. “Retail margins continue to be under pressure.”

This drop in sales is a disappointing result after last week’s encouraging report. Over the last four weeks, Harvey has reported year-to-year sales drops of 5.8 per cent (19 October), 3.6 per cent (29 October) and 0.6 per cent (2 November). This last report offered hope to interested parties in Harvey Norman that this week could see the sales comparison move into the black, unfortunately the movement has been reversed.

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