Harvey Norman’s first quarter profit has dropped by 20 per cent from the same period last year to $50.1 million.
The company said its unaudited profit before tax and minority interests in the three months to September 30 was $50.1 million, down from $62.8 million in the previous corresponding period.
‘Technology and entertainment sales continue to be affected by the cautious consumer and continued price deflation,’ Harvey Norman said in a statement on Wednesday.
In the three months to September, the company’s global sales of $1.33 billion, were down 10 per cent from the same period in the previous year.
Like-for-like global sales in the three months to September were down 7.8 per cent from the same period in the previous year.