Profit down 20% at Harvey Norman

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.

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