2325 GMT - Harvey Norman's latest trading update indicates that the Australian home appliance retailer has underperformed one of its major rivals, Citi analysts say. They point out that 3.1% on-year like-for-like sales growth at Australian franchisees for July through October compares with 5% for the September quarter at The Good Guys, the white-goods chain owned by JB Hi-Fi. However, they tell clients in a note that many customers are likely holding out for the key Black Friday sales period before committing to major purchases, so they don't draw too many conclusions. Citi keeps a "buy" rating and A$5.50 target price on Harvey Norman shares, which are up 0.7%, at A$4.825. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
November 26, 2024 18:25 ET (23:25 GMT)
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