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.