John Slack Smith a senior director of Harvey Norman has sold down 40,000 shares in the mass retailer netting over $119,000.

John Slack Smith a senior director of Harvey Norman has sold down 40,000 shares in the mass retailer netting over $119,000.

The move comes as Harvey Norman fails to deliver the returns being witnessed by arch competitor JB Hi Fi who has forecast a 41% increase over their earning last year.

The Company is also benefitting from demand for Michael Jackson music. Unlike Harvey Norman JB Hi Fi is a major retailer of music and DVD’s.

Yesterday JB Hi Fi announced that they have stopped selling single CD’s due to declining sales.

Earlier this week Harvey Norman CEO said that sales had been strong “right across the board. The sales in June are better than I thought they’d be. It’s quite amazing,” he said.

“A lot of products have become very cheap — the refrigerators and washing machines are cheaper than they were 20 years ago, and things like TVs are dropping every year,” Mr Harvey said.