Harvey Norman Says It's Better At Selling Furniture Than TVs

Well, in a round-about way. Everyone's favourite retailer released its yearly sales data today, and said that furniture, bedding and white good revenue has grown, while "Price deflation in the television category has continued and has resulted in reduced revenues; however transactions continue to grow." Harvey Norman also said it plans to close all Clive Peeters and Rick Hart stores.

The Clive Peeters and Rick Hart brand formats have not achieved the requirement for ongoing investment by the Company. Given this, 16 of the 25 Clive Peeters and Rick Hart stores will be converted to Harvey Norman complexes, 2 will be converted to Joyce Mayne complexes, 4 Clive Peeters stores will be closed and 3 Rick Hart stores will be closed.

Clive Peeters stores in Bendigo, Dandenong, Thomastown and Malvern will be closed — along with Rick Hart locations in Mandurah, O'Connor, and Osborne Park Seconds. [Australian Stock Exchange (PDF)]

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