Australian retail sales rose 1.9 per cent in January, from December, beating forecasts of a gain of 1.5 per cent, data from the Australian Bureau of Statistics shows. Follow updates here:
Appliance, whitegoods and furniture retailer Harvey Norman says trading in January at its Australian franchised stores is more than 10 per cent lower than a year ago – another sign that shoppers are pulling back spending amid rising costs of living.said he remained confident in the resilience of the company’s retail and franchise model, and in the group’s ability to deliver stable returns and sustainable growth for its stakeholders.
“Despite the macroeconomic headwinds and cost of living pressures affecting discretionary retail, our strong balance sheet and our substantial growth in net assets throughout the pandemic has left us in a solid position to withstand these challenging circumstances,” he told the ASX on Tuesday. His comments came as Harvey Norman noted trading conditions started to normalise following two years of COVID-19-related disruptions.
First half sales gained 2.1 per cent to $3.51 billion from its Australian franchisees, below analysts forecasts for a 5.6 per cent gain for the six months to December 31.
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