Australia’s Harvey Norman slumps on lower half-year profit By Reuters

© Reuters. Shoppers walk the furniture showroom at a Harvey Norman outlet in Sydney, Australia, February 27, 2017. REUTERS/Jason Reed

(Reuters) – Shares of Harvey Norman 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)

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