Harvey Norman has reported a strong uplift in profitability and sales for the year ended June 30, driven by positive performance across its segments, despite a poor year for its New Zealand business.

Reported profit before tax for the year rose 39 per cent to A$753.10 million, while profit after tax and non-controlling interests grew 47 per cent to $518.02 million. 

At the overseas company-operated retail segment, profit increased 18 per cent, with a decline in New Zealand more than offset by growth in Ireland and Asia.

By segment, franchising operations recorded a 25 per cent uplift in profit before tax, driven by a 6.1 per cent rise in aggregated franchisee sales revenue. The property segment saw profit double, supported by higher net property revaluation.

Total system sales revenue for the year was $9.3 billion, representing a 5.5 per cent increase.

“The FY25 result is a testament to the strength of our diversified business model and the disciplined execution of our long-term strategy,” said chairman Gerry Harvey.

“We’ve delivered solid growth across all core segments, driven by strong franchisee performance, the resilience of our property portfolio, our measured global expansion, and continued investment in digital transformation and in-store innovation,” he added.

In March, Harvey Norman reported a decline in its New Zealand sales.