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Harvey Norman has increased sales in Australia by almost 5% and globally by 3.6% for the first nine months of the 2009 ending financial year.
The Company that has sales outlets in Australia, New Zealand, Slovenia and Ireland said that sales totalled $4.54 billion for the nine (9) months ended 31 March2009.
Like for like sales for the nine (9) months ended 31 March 2009, when compared to the same period ended 31 March 2008, increased by 1.2%.
On a quarterly basis, sales from the franchised “Harvey Norman” complexes, commercial divisions and other sales outlets in Australia, New Zealand, Slovenia and Ireland (excluding Singapore), totalled $1.39 billion for the third quarter ended 31 March 2009. When compared to sales for the period 1 January 2008 to 31 March 2008, the increase was 3.9%. Like for like sales for the third quarter ended 31 March 2009, when compared to the same corresponding quarter ended 31 March 2008, increased by 1.0%.
In Australia, for the quarter ended 31 March 2009, sales increased by 4.9% when compared to the same corresponding quarter ended 31 March 2008. Like for like sales for the third quarter ended 31 March 2009 when compared to the same corresponding quarter ended 31 March 2008, increased by 3.2%.
Harvey Norman said that given the current macroeconomic conditions, retail margins continue to be under pressure.
In comparison JB Hi Fi CEO Richard Uechtritz told ChannelNews today that he was confident of still delivering a 26 to 28% lift in sales and up to a 35% lift in profits for the year ending July 2009.
“Margins are under pressure however due to our expansion into new stores and better deals with vendors we have been able to cut costs which is compensating for some discounting. I am still confident that we hit the numbers that we are forecasting” he said.
