Harvey Norman pre-tax profit up since July | Ralph Lauren

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Retailer Harvey Norman has experienced a revenue boost since the start of the new financial year, putting it on course for a strong rise in pre-tax profit.

But the electronics, home appliances and furnishings seller remains cautious about the outlook due to the ongoing coronavirus pandemic.

“The COVID-19 pandemic has caused, and continues to cause, great uncertainty about the future economy,” it said on Wednesday.

Harvey Norman boosted its Australian sales revenue by 30.4 per cent in the past 20 weeks, compared to the same period in 2019.

Total comparable sales revenue, taking in all the Australia, New Zealand and other overseas operations, grew by 27.5 per cent in Australia dollar terms.

Harvey Norman said this equated to an unaudited consolidated pre-tax profit of $341.1 million for the four months ending October, up 160 per cent on the same period last year.

Harvey Norman has company-operated stores in New Zealand, Slovenia, Croatia, Ireland, Northern Ireland, Singapore and Malaysia.

The group’s results also include independent Harvey Norman, Domayne and Joyce Mayne branded stores.

In the company’s annual general meeting, shareholders approved executive pay and voted to raise non-executive directors’ fees from $1m to $1.5m.

They also elected former Lynas Corporation chief financial officer Luisa Catanzaro as a director.

Chair Gerry Harvey and chief executive Katie Page did not speak about the company’s prior financial year or discuss current progress.

Shares were lower by 1.81 per cent to $4.61 at 10.15am.

AAP



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