HARVEY Norman sales have surged by more than 30% as housebound consumers spend more on their homes and entertainment.
The electrical appliances and whitegoods retailer is expecting a pre-tax profit for the period from the start of July until 17th September of $178.1 million, a massive 185.8% increase on the same period last year.
Aggregated sales revenue from wholly-owned company-operated stores in New Zealand, Slovenia, Croatia, Ireland and Northern Ireland, majority-owned controlled company-operated stores in Singapore and Malaysia, and from independent Harvey Norman, Domayne and Joyce Mayne branded franchised complexes in Australia jumped by 30.6%.
Australian franchisees total sales lifted 33.8%, and comparable sales by 34.5%.
The growth could have been higher if not for 18 Harvey Norman and Domayne stores in Melbourne were closed early in August as the city went into a heavy lockdown. Another 11 company operated stores in Auckland were closed for most of August, also due to a renewed lockdown.
Harvey Norman last month posted record increases in full year profits and sales. The company’s balance sheet is anchored by real property assets and a strong working capital. Net assets value increased 8.74% to $3.48 billion.
