Supermarket inquiry a 'smokescreen', says Harvey Norman chairman

Harvey Norman Chairman Gerry Harvey has told Sky News Australia he does believe there is a cost-of-living crisis but the government's supermarket price inquiry is a "smokescreen." Mr Harvey's comments come as the retailer reported an almost 30 percent fall in pre-tax profit to $303 million Thursday. Revenue figures for Harvey Norman were unclear as reports showed they gained some revenue from company owned stores and some from franchisee rents. The interim dividend has been cut by three cents – to ten cents a share. Company shares were positive however despite investors predicting a poor result. The outlook statement shows the company to be in good shape, and ready to sell products as soon as the property market picks up again. The multinational retailer is also gearing up to open a flagship store in the UK later this year.