Harvey Norman profits plummet as shutdowns cut sales


Electronics and furniture retailer Harvey Norman Holdings says extended government-mandated shutdowns and store closures impacted profits in the year to June 30.

The company owns and operates the Harvey Norman, Domayne and Joyce Mayne brands.

Total system sales revenue for the year was $9.558 billion, while company revenue reached $2.087 billion.

EBITDA fell 1.4% to $1.43 billion, while profit paid for taxes fell 3.6% to $811.53 million from $841.41 a year earlier .

The company’s overseas retail sales profit fell 3.7% to $232 million amid government-mandated shutdowns and “emerging” headwinds towards the end of the year. exercise.

Harvey Norman president Gerry Harvey said the company’s omnichannel strategy has continued to pay off despite setbacks.

“Strong cash flow from operations this year will enable us to further enhance and promote our brand locally and overseas to grow our business, renovate our existing stores and invest in our new property acquisitions and repay external debt.

In the next financial year, the company plans to open two franchise stores in Australia and move one from a leased site.

Overseas, the company plans to “accelerate” its overseas expansion plans and open four new company-operated stores over the next year.


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