The results are in and electrical goods and furniture retailer Harvey Norman total sales for the four months to April 30 rose 6.4 per cent, as consumers eased back on big-ticket purchases.

Click to enlarge

Same-store sales rose 2.5 per cent in the four months, down sharply from growth of 7.9 per cent in the second quarter as consumers became more frugal under the weight of rising mortgage payments and higher food and petrol prices.

Analysts Goldman Sachs JB Were had forecast a sales growth figure of 4.0 per cent and ABN AMRO forecast 2.1 per cent.

And Shares in Harvey Norman have slumped 47 per cent this year on worries about a slide in consumer spending and closed on Monday at A$3.59.

The company, whose sales of electrical goods, account for about 45 per cent of earnings says it is experiencing rising sales, with strong demand for flat-screen TVs and computers in its 193 nationwide stores.