Operating profit was down 27%, but revenue was up - they made the decision to sacrifice margins for market share which is a strategic move that may pay off in future.
Also worth noting $37 million loss applies to Ireland. If you ignore Ireland I would estimate the overall operating profit only down around 17%. That's obviously not a great result but if you want to get a snapshot of Australian retailing worth looking at some competitors (e.g. JBH) which aren't doing too badly at all.
harvey norman profit falls 56 per cent, page-3
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