Harvey Norman still on the up

Harvey Norman still on the up

Retailing powerhouse, Harvey Norman, has reported a net profit of $151.05 million for the 12 months to the June 30, 2003, an increase of 17.8 per cent on the prior year.

Total revenue for the group hit $3.17 billion during the period, up 14.4 per cent on the prior year. The company reported that 28 per cent (about $887 million) of this revenue came from the sales of technology products.

Chairman, Gerry Harvey, said that plasma television, DVD players, digital cameras, laptop computers and general home entertainment goods were areas of growth for the company.

“The new technology will have a substantial impact on sales in years to come,” he said. “The future has become very clear – digital technology is not only here, but the features and capabilities of new digital technologies are growing at a rapid pace.

"Bigger and brighter LCD and plasma screens, better computer games, smarter phones, higher resolution digital cameras, at mass market prices will allow Harvey Norman to be at the forefront to satisfy customer demands. Harvey Norman was first in Australia to embrace the computer superstore, and continues to offer the most outstanding product range to the customer.”

The company also expressed confidence in its immediate outlook, reporting a 12.7 per cent increase in sales during July and August 2003 over the same period last year.

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