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Harvey Norman Holdings Limited’s (ASX:HVN) Executive Director Gerry Harvey has warned the first half of next year is going to be extremely difficult for retailers.
The electrical goods retailer’s founder says while hot weather could provide a boost to Christmas sales he has never seen as many retailers under pressure over his 50 years in the industry.
Mr Harvey has also cautioned many retailers are at risk of going bust in the New Year but vowed Harvey Norman Holdings will hold up to be the ‘last man standing’.
Separately, Mr Harvey also admitted to being a “passive investor” in Qantas Airways Limited (ASX:QAN) but did not reveal his motives behind the investment other than claiming Qantas is a good buy because it is about half its asset backing.
Harvey Norman reported a net profit of $176 million in 2012 financial year.
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