Wouldn't get too hopeful about a recovery just yet. Reposting...

Wouldn't get too hopeful about a recovery just yet.  Reposting the headline snippet of a bankingday.com article re Harvey Norman.

Historically they were a key volume spinner for the business, perhaps not these days but either way it just looks like more revenue (cum profit) compression against a juggernaut like Amazon.   



Harvey Norman revives consumer lending

Tuesday, 19 September 2017 6:43am George Lekakis  Consumer lending


Harvey Norman is reviewing its financial services strategy ahead of Amazon's launch in Australia amid concern the local retail chain's consumer finance products may not stack up against payments options to be offered by the US retailing giant.
The review, which could have big implications for the local retailer's existing financial services partners – Latitude Financial and Flexigroup – is already driving changes to the company's approach to in-store finance.
Banking Day can reveal that Harvey Norman is preparing to ramp up consumer lending activity by its in-house finance arm, Network Consumer Finance Pty Ltd.
The company will brand its consumer finance product as the "Smartloan" and pitch it as "the smarter way to pay" throughout its proprietary and franchised network.
Until about 15 years ago, NCF had a consumer loan book of more than A$100 million, but that has since tapered to only $2 million as the retailer's sales staff directed most customers to the Latitude GO Mastercard or a Flexigroup consumer lease.