Harvey Norman sales fall flat

Australian electrical and furniture retailer Harvey Norman Holdings reported a 0.2 percent rise in full-year like-for-like sales on Monday.

Overall sales rose 0.8 percent to A$6.08 billion ($7.49 billion) for the year to June 30, 2010, from its stores in Australia, New Zealand, Slovenia and Ireland.

Like-for-like sales in Australia fell 3.4 percent in the fourth quarter, it said.

Australian retailers have been hit this year as shoppers face higher interest rates and energy costs and no longer have the government cash handouts they had last year that helped the country avoid a recession.

- Reuters