Harvey Norman losses over 30m

Electronics retailer Harvey Norman has estimated losses from its Irish business may reach as much as A$50 million (€30

Electronics retailer Harvey Norman has estimated losses from its Irish business may reach as much as A$50 million (€30.8 million) in the year to the end of June.

“It’s going to be somewhere between A$35 million and A$50 million,” chairman Gerry Harvey said. “Ireland is very, very difficult.”

Mr Harvey is facing his second straight year of losses from the 14-store unit as the Irish market battles a recession that has pushed unemployment to a 14-year high. Slumping demand led the Sydney-based retailer to post first-quarter sales growth that lagged behind rival JB Hi-Fi, pushing its stock down the most in nine months. – (Bloomberg)