Harvey Norman reports sales uplift in all markets

Harvey Norman store sign
Harvey Norman operates 121 overseas stores. (Source: Bigstock)

Harvey Norman has posted strong sales growth in its latest trading update, driven by solid performance across all markets, especially overseas.

For the period from July 1 to November 20, the ASX-listed furniture and electronics retailer saw aggregated sales increase 9.1 per cent year-on-year, with comparable sales up 8.1 per cent.

Sales in Australia and New Zealand were up 6.5 per cent and 8.2 per cent, respectively, during the period. 

Regarding overseas markets, the UK led the growth with a 123 per cent increase, followed by Slovenia and Croatia with 25 per cent. Ireland, Singapore and Malaysia reported improvements of between 12.3 per cent and 17.9 per cent.

On a comparable basis, sales were up 25 per cent in Slovenia and Croatia, 22 per cent in the UK, 17.9 per cent in Ireland, 11.4 per cent in Malaysia, 8.5 per cent in Singapore, 6.4 per cent in Australia and 6.3 per cent in New Zealand.

During the current period, Harvey Norman opened two company-operated stores in Singapore and Malaysia, while closing one company-operated store in Singapore and one outlet in New Zealand. This brings the number of overseas company-operated stores to 121.  

The company previously posted a 5.5 per cent increase in sales and a 47 per cent uplift in profit after tax for the year ended June 30.

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