Harvey Norman stocks soar

Harvey Norman stocks soar

More stunning news from Harvey Norman Holdings about its steady sales growth in the six months to December 31, has set off a scramble for stock by investors.

On Tuesday the Harvey Norman share price soared 80 cents to $14.00 and continued rising through the week until it stood at $14.30 at press time. The share price has more than doubled in less than 12 months and has risen in the order of 20 per cent since the beginning of the year.

This latest round of rises came on the back of its announcement last week of sales totalling $965.1 million at Australian Harvey Norman franchised stores, commercial divisions and other sales outlets in Australia and New Zealand. This included a 31.6 per cent rise in Australia and a 29.8 per cent rise in New Zealand. There were acquisitions by HN last year, but even only counting like stores for the same period last year, sales were up by 16.7 per cent.

Harvey Norman has always attributed a major part of its growth to the computers and communications division. It said that a recent $999 computer package offered across Australia sold out in some stores within two days.

Sydney's Daily Telegraph reported last week Harvey Norman founder and CEO Gerry Harvey's personal fortune improved by $86 million in three days, making him Australia's sixth richest man. Harvey's stake in HN stands at 33.3 per cent, which after the rise valued his share of the company in excess of $1 billion.

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