Harvey Norman Sales Update

Harvey Norman (HVN), an Australian electrical and furniture retailer, saw its third quarter sales rise 1.2 percent, disappointing the market and sending its shares down 17 cents (4.8 percent) to $3.40 this morning.

Share analysts expected Harvey Norman sales growth to be between 3-4 percent. The retail company has noted that sales figures had been affected by negative currency movements in the New Zealand dollar, the Euro and the Pound Sterling. The retailing industry's sales comparisons with last year would be influenced by last year's Australian government fiscal stimulus to the public - handing out cash and boosting consumer spending.