Harvey Norman’s net profit plunges 34.7 per cent

Harvey Norman‘s net profit and revenue fell amid inflationary pressures in the last fiscal year.

The furniture and electronics retailer’s profit declined 34.7 per cent to $187.1 million as revenue slid 3.9 per cent to $4.11 billion.

Its franchising operations segment’s revenue fell 8.9 per cent to $971.2 million while the overseas company-operated retail segment grew 1.2 per cent to $2.63 billion.

Property segment revenue plummeted 22.6 per cent to $327.5 million.

During the period, the company opened one store in New Zealand and six stores in Malaysia.

Moving forward, Harvey Norman is on track to open two more stores in New Zealand and one in Malaysia in the current fiscal year.

“We are strategically positioned to capitalise on improvements in retail trading conditions and the expected growth from the home renovation cycle, new home constructions, and increases in net migration,” said Gerry Harvey, Harvey Norman chairman.

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