Why no profits? Because arsehole!
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”.
Whoever thinks of Harvey Norman first when they need to buy something these days? Only the old, stupid and debt ridden that’s who. Doing the maths on the fall in profits they will be unprofitable by 2015. Ironically that could cause a closing down sale that brings their prices down to what they should be.
