Inflation and interest rates hit retailers as surging cost of living reduces discretionary spending
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The pandemic splurge on household goods is over, with Australia’s biggest home retailer, Harvey Norman, disclosing a sharp slide in sales and fall in profits.
The company, which also owns Domayne and Joyce Mayne, on Thursday posted a full-year underlying net profit of $471.9m, down from $673.5m the previous year.
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