Harvey Norman has announced a nearly 40 per cent drop in pre-tax profit, as it struggles with the glut of stock from failed rivals flooding the market.
Pre-tax profits at the company sank 39.2 per cent to $227.4 million from $373.9 million the year before. After tax profits plunged 31.6 per cent to $172.4 million from $252.2 million over the year.
