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http://www.ozpolitic.com/forum/YaBB.pl General Discussion >> General Board >> Harvey Norman Continues To Feel The Retail Pain. http://www.ozpolitic.com/forum/YaBB.pl?num=1346447504 Message started by imcrookonit on Sep 1^st, 2012 at 7:11am

Title: Harvey Norman Continues To Feel The Retail Pain.
Post by imcrookonit on Sep 1^st, 2012 at 7:11am

Harvey Norman profit falls 32pc

by: By John Dagge
From: Herald Sun
August 31, 2012

Harvey Norman's share price has more than halved since September 2009.

HARVEY Norman continues to feel the retail pain, announcing profit has dropped by close to a third.

Net profit fell to $172.5 million from $252.3 million in the year to June, driven down by relentless discounting of electronic goods, low consumer spending and customers migrating to online shopping.

Chairman Gerry Harvey said the result was "very disappointing''. :(

"Retail categories, specifically the television and some technology categories, have been under enormous pressure with price and margin deflation,'' he said.

Mr Harvey said the liquidation of WOW Sight and Sound, the closure of numerous Retravision stores and the restructure of the Dick Smith brand created "a glut of product being sold at never before seen prices''.

Mr Harvey said the company's bricks and mortar stores gave it a competitive advantage over pure online retailers. :-?

"Our balance sheet is robust and we have a low net debt to equity ratio of 26.6%,'' he said.

"We have a property portfolio valued at $2.12 billion which provides strength and stability to our balance sheet. Property ownership offers a distinct advantage over our competitors as it provides us with a reliable income stream in an uncertain retail climate.

The company's share price has more than halved since September 2009 however it rose by close to 1 per cent to $2.12 in early trading.

The company will pay a fully franked final dividend of 4c per share on December 3 to shareholders on the company's register at November 2.

Earlier this month competitor JB Hi-Fi announced its net profit before one-off costs for the year to June fell 22.1 per cent to $104.6 million.

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by imcrookonit on Sep 1^st, 2012 at 7:13am

Mr Harvey said the company's bricks and mortar stores gave it a competitive advantage over pure online retailers. Is that right Mr Harvey?. :)

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by cods on Sep 1^st, 2012 at 7:14am

god that will make rusty and adels day thats for sure..they cant wait for H.N. to go out of business.

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by imcrookonit on Sep 1^st, 2012 at 7:24am

Whats gone wrong Mr Harvey?. I didn't cut my prices enough. :'(

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by pansi1951 on Sep 1^st, 2012 at 7:56am

cods wrote on Sep 1^st, 2012 at 7:14am:

god that will make rusty and adels day thats for sure..they cant wait for H.N. to go out of business.

Me too cods, I'll be crying buckets of tears, tears of laughter.

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by thelastnail on Sep 1^st, 2012 at 11:37am

Ex Dame Pansi wrote on Sep 1^st, 2012 at 7:56am:

cods wrote on Sep 1^st, 2012 at 7:14am:

god that will make rusty and adels day thats for sure..they cant wait for H.N. to go out of business.

Me too cods, I'll be crying buckets of tears, tears of laughter.

I'm all broken up about gerry's profits or lack of. Poor landlords and poor shareholders... :D

:'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'(

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by thelastnail on Sep 1^st, 2012 at 11:47am

wrote on Sep 1^st, 2012 at 7:13am:

Mr Harvey said the company's bricks and mortar stores gave it a competitive advantage over pure online retailers. Is that right Mr Harvey?. :)

That's why he is doing so well and whinges and whines about online sellers ;)

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by Western Apologist on Sep 1^st, 2012 at 11:50am

wrote on Sep 1^st, 2012 at 7:13am:

Mr Harvey said the company's bricks and mortar stores gave it a competitive advantage over pure online retailers. Is that right Mr Harvey?. :)

I find it strange for Mr.Harvey to ignore the two most important aspects of a consumer driven market which is conveince and affordablilty.
Maybe when instant teleportation is avaliable and his prices magiclly drop will he have an advantage.

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by gold_medal on Sep 1^st, 2012 at 1:09pm

and every single poster on this thread (until me) it the perennial loser. unemployed or barely employed, living in a rented room driing a 4 coloured panel commodore.

yeah go ahead and mock Gerry Harvey. Even when he is in trouble he is a BILLIONAIRE. and you lot are...

enjoy your irrelvant poverty!!

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by Western Apologist on Sep 1^st, 2012 at 1:11pm

gold_medal wrote on Sep 1^st, 2012 at 1:09pm:

Come out of the closet and admit you are lw

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by pansi1951 on Sep 1^st, 2012 at 1:19pm

gold_medal wrote on Sep 1^st, 2012 at 1:09pm:

The (until me) was the funniest part.

BWAAAAHAAAHAAA!!!!!

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by cods on Sep 1^st, 2012 at 7:02pm

Ex Dame Pansi wrote on Sep 1^st, 2012 at 7:56am:

cods wrote on Sep 1^st, 2012 at 7:14am:

god that will make rusty and adels day thats for sure..they cant wait for H.N. to go out of business.

Me too cods, I'll be crying buckets of tears, tears of laughter.

shame on you how unAUstralian can you get....

people like you make me sick

like I have said before if you cant say something good about someone dont say anything vile...

or in your case evil.

something really sick happening in this country

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by Western Apologist on Sep 1^st, 2012 at 7:04pm

cods wrote on Sep 1^st, 2012 at 7:02pm:

Ex Dame Pansi wrote on Sep 1^st, 2012 at 7:56am:

cods wrote on Sep 1^st, 2012 at 7:14am:

god that will make rusty and adels day thats for sure..they cant wait for H.N. to go out of business.

Me too cods, I'll be crying buckets of tears, tears of laughter.

Yeah much more Aussie to rip people off and benefit from ignorance.

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by pansi1951 on Sep 1^st, 2012 at 7:50pm

bobbythefap1 wrote on Sep 1^st, 2012 at 7:04pm:

cods wrote on Sep 1^st, 2012 at 7:02pm:

Ex Dame Pansi wrote on Sep 1^st, 2012 at 7:56am:

cods wrote on Sep 1^st, 2012 at 7:14am:

god that will make rusty and adels day thats for sure..they cant wait for H.N. to go out of business.

Me too cods, I'll be crying buckets of tears, tears of laughter.

Yeah much more Aussie to rip people off and benefit from ignorance.

Yeah much more Aussie to cut down our old timber forests for chairs.

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by thelastnail on Sep 1^st, 2012 at 9:02pm

gold_medal wrote on Sep 1^st, 2012 at 1:09pm:

is that a billionaire with or without the injection of shareholders funds ??

just remember where this dude was before he got his fistful of dollars courtesy of gullible investors !! Would you sink billions into this company ?

http://www.youtube.com/watch?v=eCmx8wlhB1M

Not much better than Arthur Daley :D LOL

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by thelastnail on Sep 1^st, 2012 at 9:03pm

Ex Dame Pansi wrote on Sep 1^st, 2012 at 7:50pm:

bobbythefap1 wrote on Sep 1^st, 2012 at 7:04pm:

cods wrote on Sep 1^st, 2012 at 7:02pm:

Ex Dame Pansi wrote on Sep 1^st, 2012 at 7:56am:

cods wrote on Sep 1^st, 2012 at 7:14am:

god that will make rusty and adels day thats for sure..they cant wait for H.N. to go out of business.

Me too cods, I'll be crying buckets of tears, tears of laughter.

Yeah much more Aussie to rip people off and benefit from ignorance.

Yeah much more Aussie to cut down our old timber forests for chairs.

and send it off to china :(

Title: Re: Harvey Norman Continues To Feel The Retail Pain.
Post by John Smith on Sep 1^st, 2012 at 9:37pm

Sir lastnail wrote on Sep 1^st, 2012 at 11:37am:

Ex Dame Pansi wrote on Sep 1^st, 2012 at 7:56am:

cods wrote on Sep 1^st, 2012 at 7:14am:

god that will make rusty and adels day thats for sure..they cant wait for H.N. to go out of business.

Me too cods, I'll be crying buckets of tears, tears of laughter.

I'm all broken up about gerry's profits or lack of. Poor landlords and poor shareholders... :D

:'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'(

lack of profits???? he still made 175 million in profit , whats he whingeing about?