Harvey Norman has announced that global sales have dropped by 0.6 per cent in the September 2010 quarter.
Chris Mentis, Harvey Norman CEO, said in a statement: “Global sales have been negatively affected by a 1.8 per cent deterioration in the NZ$, a 20.2 per cent deterioration in the Euro and a 14.8 per cent deterioration in the UK Pound, from 1 July 2010 to 30 September 2010.”
Also, the price deflation in the Australia market resulted in weaker revenue for the quarter despite strong unit growth in the audio/ visual category amongst electrical franchises.
According to the electrical and furniture retailer, appliances, whitegoods and cooking also performed strongly. Furniture and bedding franchisees continued to grow market share although it experienced a slow down with the dampened housing market.
“Upon present assumptions, solid Christmas trading conditions are still expected,” Mentis said.