Harvey Norman Holdings Ltd plans to close up to 10 electronics and furniture stores due to slow growth in sales last year.
Chairman Gerry Harvey says every month was down on last year: July, August, September, October and November. However, December went up because it was Christmas.
The company reported sales growth for the six months ended 31 December of 3.5% to $A3.15 billion, compared to the previous corresponding period. Sales in the same period the previous year were up 12.4% to $A3.04 billion.
Mr Harvey said the company was preparing for further slowdown in the retail sector.
Expenditure on advertising would be down and five to 10 stores would be closed in the second half of the fiscal year.
The company announced last week it would shut its Domayne store in Campbelltown in Sydney.
Harvey Norman operates in Australia, New Zealand and Ireland.
