Strong growth for Harvey Norman

Strong growth for Harvey Norman

Retravision acquisition helps bottom line

Electronics retailer, Harvey Norman, has reported strong growth in its half-year earnings to December 31.

The Harvey Norman group recorded a profit of $269.71 million for the half-year, an increase of 34.5 per cent on the six months prior. The group conceded, however, that about $40.98 million of these profits came from the floating of FlexiGroup Limited in December, and about $27.06 million from a reevaluation of property and investment interests

Minus these earnings, the group's net profits were about $132.87 million, a strong 14.2 per cent growth on the prior six months.

During the period, Harvey Norman enjoyed considerable expansion in NSW in particular. This was mostly due to its acquisition of about 14 outlets formerly run by Retravision (NSW).

The group launched several new Harvey Norman branded electrical stores in Cobar, West Wyalong and Tamora, and new Joyce Mayne stores in Dubbo, Wagga Wagga and Young.

The group also expanded into the Hunter region North of Sydney. There were new Harvey Norman outlets in Newcastle (West), Raymond Terrace, Salamanda Bay (Port Stephens), and Muswellbrook plus new Joyce Mayne stores in Bennetts Green, Toukley and Warners Bay.

These stores are unlikely to have any material affect on the retail group's figures until it reports its full-year results.

The retailer also opened new stores in Cannonvale (Qld), Malaga (WA) and several international stores (two in New Zealand, Ireland and Malaysia, and one each in Singapore and Slovenia).

Overall, it now has 189 franchises and 49 company-owned stores.

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