A few days after we exclusively revealed that Ruslan Kogan had stuck his hand up to buy the ailing Dick Smith online operation, which has seen a massive slump in revenue since its parent Company was placed under administration, a senior Vice President of a leading brand said "there is no way that we will deal with Kogan".
The 61% increase in revenue and the 70% increase in profits by JB Hi Fi bode well for the consumer electronic industry. It also sends a clear message that consumers are changing their buying habits with many of them prepared to spend money on games, new TV's and notebooks than over fashion items or the occasional holiday.
COMMENT: One has to seriously question whether the current Federal Government actually understands small medium business and that right now thousands of SMB organisations are starved of cash because of high interest rates and a refusal by banks to loan money to SMB organisations.
COMMENT:The now failed Dick Smith retail business was" viable" and "absolutely" had a sustainable business model when it was floated on the share market for hundreds of millions, Anchorage Capital boss Philip Cave bleated to the Australian newspaper on Friday.
Sharp Australia hasn't got much left in the consumer appliance market, they got out of the TV market last year, not because their TV's were inferior but because of poor marketing resulting in a lack of uptake by consumers.