Harvey Norman lifts FY profit 19.4 pct

Harvey Norman has lifted full-year profit by 19.4 per cent as consumers spent more time at home during the pandemic.

The group, which includes the Domayne and Joyce Mayne brands, had a net profit after tax of $480.54 million for the 12 months to June 30.

Harvey Norman’s 194 franchised stores in Australia continued to trade during the onset of the pandemic.

Franchisees’ sales rose 8.9 per cent for the year to $6.16 billion.

Harvey’s 96 overseas company-operated ones all closed for between four and 10 weeks due to the virus.

Despite this, they improved sales for the year by 3.5 per cent to $2.08 billion.

Stores in New Zealand were the biggest contributor to offshore sales, which improved 28.1 per cent or $21.76 million.

The company also has stores in Croatia, Ireland, Northern Ireland, Malaysia, Singapore and Slovenia.

Harvey Norman aims to open 12 stores overseas this financial year.

It has 18 stores in Melbourne which are currently closed due to stage four virus restrictions.

Management expects 11 stores closed in Auckland, New Zealand, due to virus restrictions to re-open from Monday.

Shareholders will receive a fully franked final dividend of 18 cents per share, which is down from the previous fully franked final dividend of 21 cents per share.

Shares were down 1.51 per cent to $4.24 at 1535 AEST.

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