Harvey Norman profit booms

Electronics and furniture retailer Harvey Norman says it is well-placed for emerging opportunities after reporting a 77.4% earnings gain.

The retailer this morning reported net profit from continuing operations of $324.1 million for fiscal 2007, a 48.8% increase on the previous year’s figure of $217.75 million.

Underlying net profit after tax was $260.35 million, up 28%.

Australia’s booming economy has fuelled retail sales and the demand for technology products is unabated – as evidenced by sales at Harvey Norman, JB Hi-Fi and Dick Smith Electronics.

Harvey Norman chief Gerry Harvey says the retailer would continue rolling out new stores in the 2008 financial year.

The retailer’s previously stated goal of a minimum of 15 new sites a year would be achieved this year, he says.

As well, Harvey Norman will undertake a program of store upgrades and refurbishments.

Inside Retail

 

You can help us (and help yourself)

Small and medium businesses and startups have never needed credible, independent journalism and information more than now.

That’s our job at SmartCompany: to keep you informed with the news, interviews and analysis you need to manage your way through this unprecedented crisis.

Now, there’s a way you can help us keep doing this: by becoming a SmartCompany supporter.

Even a small contribution will help us to keep doing the journalism that keeps Australia’s entrepreneurs informed.

Trending