The furniture retailer says its first-half profit could be up to 32 per cent below the previous year, sending the company’s shares into freefall.
Retailer Nick Scali has warned of a sharp drop in earnings because of challenging market conditions, as the housing downturn has reduced demand for big-ticket furniture items.
Nick Scali said net profit for the six months to December 31 would be between $28 million and $32 million, down from $41 million in the same period a year ago and 20 per cent below market expectations.
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Scott Bessent told CNBC that several government agencies "were in favour of putting Megaspeed on the entity list for months".
Commerce Secretary Lutnick will testify before the Senate Banking Committee following revelations about Jensen Huang's affair with an alleged Chinese spy.
