Retailer Harvey Norman Pre-Tax Profit up Significantly Since July

By AAP
November 24, 2020 Updated: November 24, 2020

Retailer Harvey Norman has experienced a revenue boost since the start of the new financial year, putting it on course for a strong rise in pre-tax profit.

But the electronics, home appliances and furnishings seller remains cautious about the outlook due to the ongoing coronavirus pandemic.

“The COVID-19 pandemic has caused, and continues to cause, great uncertainty about the future economy,” it said on Wednesday in a statement to the stock exchange.

Harvey Norman boosted its Australian sales revenue by 30.4 percent in the past 20 weeks, compared to the same period in 2019.

Total comparable sales revenue, taking in all the Australia, New Zealand and other overseas operations, grew by 27.5 percent in Australia dollar terms.

Harvey Norman said this equated to an unaudited consolidated pre-tax profit of $341.1 million for the four months ending October, up 160 per cent on the same period last year.

Harvey Norman has company-operated stores in New Zealand, Slovenia, Croatia, Ireland, Northern Ireland, Singapore and Malaysia.

The group’s results also include independent Harvey Norman, Domayne and Joyce Mayne branded stores.

The company will hold its annual general meeting for shareholders later in the day.

Sydney