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Harvey Norman hammered on weak sales growth

Harvey Norman hammered on weak sales growth

The timing could not have been worse for Harvey Norman’s report on the three months ended 30 September, 2009.

Coming a day after JB Hi-Fi shares set a record high with projections of 20% revenue growth in 2010, it was always going to be a tough crowd.

Harvey Norman announced that total group sales totaled $1.5B, an increase of 4.3% on the same period for the previous year.

The Australian results were better at a 5.8% increase for the same period year on year but it wasn’t enough for skittish investors who lopped 32c off the stock to $4.44 a drop of almost 7% on yesterday’s close.

Intraday trading saw Harvey Norman stock traded as low as $4.21.

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