News

The federal government has been accused of a ‘ruthless’ double standard over its treatment of locked-down workers and profitable JobKeeper recipients

The federal government has a “ruthless” double standard in its handling of locked-down workers and successful companies, Australian Council of Trade Unions secretary Sally McManus said. New payments for workers impacted by COVID-19 lockdowns will come with retroactive compliance checks, but there is no law compelling profitable firms to repay […]
The federal government has been accused of a ‘ruthless’ double standard over its treatment of locked-down workers and profitable JobKeeper recipients
News

Pressure is growing on prominent Australian companies to return JobKeeper payments after they posted large profits

Prominent Australian companies including retailer Harvey Norman and car dealership conglomerate Eagers Automotive are facing rising pressure to return JobKeeper payments to the government, with critics saying they are abusing the wage subsidy after posting large profits and paying dividends to shareholders. Corporate Australia recently tied off its recent half-year […]
Pressure is growing on prominent Australian companies to return JobKeeper payments after they posted large profits
News

‘Why are we so scared about getting this virus?’: Social media users call for boycotts following Gerry Harvey’s ‘irresponsible’ coronavirus interview

Gerry Harvey, billionaire co-founder of Harvey Norman, expressed how we shouldn’t be afraid of the coronavirus, despite numerous deaths across the globe. Harvey also described the outbreak as an “opportunity” for Harvey Norman, with sales going up 9% from last year. Social media users have called for boycotts to Harvey […]
‘Why are we so scared about getting this virus?’: Social media users call for boycotts following Gerry Harvey’s ‘irresponsible’ coronavirus interview
Markets

Harvey Norman has been hit by a shareholder first strike

Harvey Norman shareholders today delivered a first strike against the retail group. At the AGM in Sydney, they voted 50.63% against the company’s remuneration report. The Australian Shareholders Association had recommended the vote against the remuneration report. Retail billionaire Gerry Harvey has suffered a first strike by shareholders against his […]
Harvey Norman has been hit by a shareholder first strike
Markets

Harvey Norman’s Australian franchisee sales just went negative

Harvey Norman says Australian franchisee sales fell 1.3% between July 1 and November 23. This represented a 0.2% drop on a comparable basis. Wholly-owned company-operated stores, in Australia and overseas, reported sales of $2.88 billion, a 2.7% rise. Comparable store sales were up 3%. Sales at Harvey Norman’s Australian franchisees […]
Harvey Norman’s Australian franchisee sales just went negative
Markets

Harvey Norman’s profit slides by 16%

Harvey Norman net profit after tax $375.38 million, down 16.4%. Underlying net profit before tax $532.54 million, down 0.96%. A fully-franked dividend of 18 cents a share. Retailer Harvey Norman reported a 16.4% drop in full year statutory profit to $375.38 million, dragged down by property valuations and losses from […]
Harvey Norman’s profit slides by 16%
Markets

JB Hi-Fi shares are tanking after a profit downgrade

Shares in JB Hi-Fi fell hard after the costumer electronics retail downgraded its full year earnings forecast. A short time ago, they were down 7% to $23.77. In a trading update, the company says it now expects full year net profit after tax to be about $230 million, down from […]
JB Hi-Fi shares are tanking after a profit downgrade
Markets

Gerry Harvey’s dairy farm play just went into administration

Coomboona Holdings has gone into administration. Gerry Harvey, through his retail chain Harvey Norman, paid $34 million in 2015 for a 49.9% stake. Ryan Eagle and Stewart McCallum of Ferrier Hodgson have been appointed as administrators. Billionaire Gerry Harvey’s investment, through his retail chain Harvey Norman, in a Victorian dairy […]
Gerry Harvey’s dairy farm play just went into administration
Markets

Harvey Norman is getting hammered

Before tax profit was flat and after tax was down 19%. The shares had the biggest one day fall in two decades Gerry Harvey: “… the market has just got it wrong.” Harvey Norman’s half year profits have been hit by a revaluation of the retailer’s investment properties and founder […]
Harvey Norman is getting hammered
Markets

Shares in Harvey Norman are surging after ASIC closes its investigation

Listed retailer Harvey Norman has been notified by the Australian Securities & Investment Commission (ASIC) that the regulator has closed its inquiry into the company’s financial statements. Aspects of Harvey Norman’s accounts — specifically its accounting treatment of franchisee stores — have been under more scrutiny amid speculation that some […]
Shares in Harvey Norman are surging after ASIC closes its investigation