Retail in Asia

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Harvey Norman growth slows as stimulus ends

Australia’s furniture and electrical retailer Harvey Norman has reported a slowdown in sales growth for the third quarter as consumer spending fell back after last year’s fiscal stimulus-inspired surge.

The company’s Australian business, which accounts for more than 90 percent of annual revenue, reported flat sales for the three months ended 31 March compared with the same period in 2009 and down from the 6.8 percent growth seen in the December quarter.

(Source: The Australian)