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By: Richard Del Cazzo
Web site: http://www.hdtv-hdtv.com
CONSUMERS switching to plasma televisions have helped fuel
a nearly 16 per cent increase in sales for retailer Harvey
Norman in the nine months to the end of March.
However, there was some disappointment with the result, with
a slowing in sales growth in the third quarter.
Sales in the nine months totalled $2.73 billion, with comparable
store sales up 10 per cent and overall sales up 15.8 per cent.
Finance director John Skippen said for the third quarter
alone, total sales rose 13.9 per cent, with comparable stores
up 7.9 per cent.
Shaw Stockbroking head of research Scott Marshall said the
result was below his expectations. He would be downgrading
his full-year sales growth forecast for the retailer to about
15 per cent, from 17 per cent.
Mr Skippen acknowledged that consumers had tightened their
spending patterns. "People are obviously still spending,
but they're selectively spending," he said.
"One of the things selling particularly well is plasma
televisions."
He said with the average plasma TV price falling from about
$15,000 two years ago to about $5000 now, they were far more
affordable.
"From a headline sales basis we have to sell three times
as many items, which is what the guys are doing to get the
increase," he said.
Other popular lines included digital cameras, cooking items
and digital camcorders. "Home entertainment is still
very strong and has been now since the September 11 disaster,"
Mr Skippen said.
"A lot of people are still staying at home and a lot
of people are doing home renovations."
The company did not do a state breakdown of sales, but he
said the retailer's South Australian outlets continued to
perform very well.
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