Australia's Harvey Norman slumps on lower half-year profit

Harvey Norman Holdings

27/02/2023 23:37

Feb 28 (Reuters) - Shares of Harvey Norman  HVN.AX 
slumped more than 9% on Tuesday after Australia's biggest
electronics retailer posted a 15% drop in its first-half profit
as the cost-of-living pressures crimped its discretionary retail
spending. 
    The company reported profit after tax attributable for the
six-month period ended Dec. 31 of A$365.9 million ($246.58
million), compared with A$430.9 million last year.

    ($1 = 1.4839 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Savyata.Mishra@thomsonreuters.com;))