Harvey Norman is pressuring vendors to change their trading terms to 45 days. In the past they have operated on 30 or under terms depending on their relationship, discounts and rebate volumes insiders have told SmartHouse.
Consumer electronics retail got a double stimulus today with a 1% interest cut and an announcement by the Federal Government that they are set to pour more money into the economy in an effort to prevent Australia's economy from sliding into a recession.
NSW is a retail basket case when it comes to retail spending according to Cit Group Analysts however Victoria is even worse. According to a new report. Victoria was the slowest state at 5.6% growth, NSW recorded growth of 6.4%, while Queensland was the fastest growing state at 9.2%.
Retail sales over the Xmas New Year period were 2% higher than last year, claims the Retail Traders Association proving that the Federal Government handouts did makes their way into the economy they say.
Clive Peeters CEO Greg Smith who today reported a 90% decline in profits has said that he is open to takeover offers or a major new investor. He has also said that the board is currently considering several incomplete proposals from competitors to buy out the Victorian based consumer electronics Company.
Consumer Electronics retailer Harvey Norman who are now under pressure from both Dick Smith, JB Hi Fi and current market conditions has reported a 29 percent fall in first-half profits which fell from $174.14 million for the same period last year to A$123.5 million at December 2008.
Clive Peeters is set to report their half year results on the 27th February 2009 however analysts are tipping a net loss of $0.4M which represents a decline of 104%. Sales are believed to be down 16.3%.