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Australian Retailers Still Concerned Despite Mild Upturn

Posted: February 29th, 2012 | Author: | Filed under: Business News | Tags: , , , , | 1 Comment »

Retailers Still Concerned Despite Mild UpturnOur least favorite retailer Harvey Norman’s half-year profits have slipped amid intense competition in the retail sector, consumer caution and a slowing economy. Net profit came in at $129 million, down 2 per cent on the year before. The discount retailer also reported falling sales in the period, with same-store sales in its Australian shops down 6.5 per cent, while the chain’s European outlets saw a slide of 15 per cent.

Co-founder and chairman Gerry Harvey says his company is struggling, as are many other retailers. “You are now seeing more retailers go broke and out of business than I have ever seen in my life,” Mr Harvey said. “In the last 12 months you have seen Colorado, Dick Smith and Retravision. This technology area in retail is really under huge pressure, so we have to reposition, because if we don’t we’ll end up going out the back door like WOW.”

Electronics chain WOW Superstores was placed in receivership on Monday with debts of more than $25 million.  Administrators say WOW Audio Visual Superstores could be salvaged if a buyer is found quickly. The electronics retailer has been placed into receivership with debts of more than $25 million. WOW launched its first store in Townsville in north Queensland nine years ago and currently operates 15 stores across Australia. Ten are in Queensland. The company employs 500 staff across Australia. James Stewart from administrators Ferrier Hodgson says everything will be done to save the chain. Read the full article »»»»

JB Hi-Fi Profits Crumble Under Sales Fatigue

Posted: February 12th, 2012 | Author: | Filed under: Business News | Tags: , , , , , , , , | Comments Off on JB Hi-Fi Profits Crumble Under Sales Fatigue

JB Hi-Fi Profits Crumble Under Sales FatigueDiscount electronics retailer JB Hi-Fi has recorded a larger than expected fall in half yearly profit due to what it called challenging conditions in the retail sector. JB Hi-Fi  reported net profit of $79.6 million in the six months to the end of December last year, down 9 per cent on its previous first-half result. The company says the three-week post-Christmas trading period was particularly soft, and the weakness was driven by poor TV sales. In December, said it expected a 5 per cent fall in earnings.

In a statement, chief executive Terry Smart said it had been a tough start to the year. “Consumers were suffering from ‘promotional fatigue’ and therefore have not reacted as well to our post-Christmas promotional offers as in previous years,” Mr Smart said. “While the market will remain challenging, we will continue to focus on delivering customers a unique and engaging shopping experience both in-store and online.” The company says it expects its full-year sales to rise 5 per cent to around $3.1 billion for the year.

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Posted: January 2nd, 2012 | Author: | Filed under: Business News, Indeep Media | Tags: , , , , , , , | 4 Comments »

Best Buy - ForbesIn the US the debate is whether the country can support one or zero highly profitable big box chains. Best Buy – the bears argue – is the showroom for Amazon. In Australia we still have two chains –  Harvey Norman and JB HiFi –  Currently Harvey Norman is losing to JB HiFi and ultimately both will lose share to the internet. Forbes recently pointed out a couple of interesting facts on the US retailing behemoth: “Best Buy is headed for the exits. I can’t say when exactly, but my guess is that it’s only a matter of time, maybe a few more years.” said Larry Downes in Forbes on January 2, 2012. Consider a few key metrics: Despite the disappearance of competitors including Circuit City, the company is losing market share. Its last earnings announcement disappointed investors. In 2011, the company’s stock has lost 40% of its value. Forward P/E is a mere 6.23 (industry average is 10.20). Its market cap down to less than $9 billion.  Read the full article »»»»

Will Apologetic Rant HALT The Kyle Sandilands Money Exodus

Posted: December 8th, 2011 | Author: | Filed under: Cult of Celebrity, Media, Socially Engineerd | Tags: , , , , , , , , , , , , , , , , , , , , , , | 1 Comment »

Will Apologetic Rant HALT The Kyle Sandilands Money ExodusIt seems the exodus of money has finally quietened Kyle Sandilands? The enormous mouth of the kiwi radio personality has churned out some rubbish in it’s time. Sandilands has been pulled from the air more than once in his radio career, after several absolutely shameful tongue lashings:  ”Magda Szubanski would lose more weight in a concentration camp” and then of course there was the moral high Sandilands reached when a 14 year old girl who he’d had hooked up to a lie detector revealed she was raped when she was 12. Sandilands latest on-air rant against journalist Alison Stephenson has perhaps woken the impresario? His rant in November triggered an online petition calling for major sponsors to withdraw their support for his radio show, owned and run by Southern Cross Austereo. Coles, Bunnings, Vodafone, McDonald’s, Ford and others were among the first to announce their decision to boycott the 2DayFM host. Sandilands said he regretted that his staff had to “bear the brunt” of his actions. READ MORE

The Sandilands Money Exodus Continues

Posted: December 4th, 2011 | Author: | Filed under: Cult of Celebrity, Media, Socially Engineerd, They Said What? | Tags: , , , , , , , , , , , , , , , , , , , , , , | Comments Off on The Sandilands Money Exodus Continues

Kyle SandilandsIt seems even without Sandilands around the exodus of money hasn’t slowed at radio network Austrereo? That beast that is Kyle Sandilands, may be on his summer break, but it hasn’t stopped advertisers from extending their boycott of his breakfast radio show. In a new blow to Southern Cross Austereo, at least 15 major brands have pledged to not advertise on any of Sandilands’s programs in 2012. Some of big brand names including Coles, Bunnings, Vodafone, McDonald’s, Ford and Blackmores said their boycott of the 2Day FM host would extend into next year. The Sandilands debacle started after a female journalist wrote a review of Seven’s Kyle and Jackie O television show which aired on November 21. The following morning Sandilands launched into an on-air attack of the News Ltd journalist. A statement released by Australian grocery behemoth Coles, on the Change.org website Tuesday said: “Our very clear position in relation to the offensive and inappropriate comments made by Kyle Sandilands remains that we are not and will not advertise on programs hosted by him.” The gorgeous Jackie O must be wondering who she’s going to be sat next to in the new year? READ MORE