Sales at electronics and furniture seller Harvey Norman have soared nearly 40 per cent through July and August | domp
Sales at electronics and furniture seller Harvey Norman have soared nearly 40 per cent through July and August despite the COVID-19 lockdowns in Victoria and New Zealand, continuing the retailer's strong run.
Harvey Norman has been one of the large retailers which have thrived through the coronavirus pandemic as it benefited from shoppers decking out their home offices and even buyingEarnings before interest, tax, depreciation and amortisation came in at $944 million, a 37.2 per cent jump and well ahead of analyst forecasts of $826 million. Consolidated revenue, which excludes sales made by franchisees, was $3.55 billion.The strong sales have continued into the new financial year, climbing 38.
A total of $22.28 million in wage subsidies and a further $9.8 million in rental assistance was received by Harvey Norman outlets overseas. All of the wage subsidies were passed directly on to workers, the company said. Collectively, the company claimed $43 million in wage subsidies and rent abatements. Harvey Norman declared a final dividend of 18 cents per share, worth a total of $225 million, payable November 2. It cancelled its interim dividendHarvey Norman's assets, primarily its extensive property portfolio, increased in value by 8.7 per cent to $3.48 billion. The company also wiped off around $600 million in debt for the financial year, with net cash of $15.
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Harvey Norman posts record result as COVID cocooning boosts demandThe $5.3b company reported record jumps in both sales and profit for the financial year, with total revenue rising 7.6% to $8.23b, and net profit jumping 19.4% to $480.5m.
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Harvey Norman profit up 19.4 per cent | Sky News AustraliaHarvey Norman lifted its sales quite significantly, posting a full year net profit of $480.5 million.\n\nIt also owns a large property portfolio and says the value of its net assets grew by 8.7 per cent during the year to $3.5 billion.\n\nHarvey Norman will pay a dividend of 18 cents per share.\n
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Harvey Norman helping small business in Goulburn | Sky News AustraliaHarvey Norman has come up with a new initiative to keep cash flowing through the economy in Goulburn, which is a city that has been hit hard by bushfires and now the coronavirus. \n\nHarvey Norman Goulburn’s Jay David said “one of the hardest hit businesses would have been cafés and pie shops … so what we’ve done is, before our customers came into purchase any of the items in store, they’d go and buy a coffee first or a pie and then come and redeem the receipt in store.”\n\n“And that way we took it off the purchase price.”\n\n“Just to help the local businesses, drive a bit of traffic there.”\n\nThis initiative has helped local businesses, such as Bryant’s Pies which has been running since 1928.\n\nCurrent owner of Bryant’s Pies, Tony Neate has been running the bakery with a business partner for the last 20 years. \n\nMr Neate said, since the new initiative was put in place, he had noticed customers asking for receipts and then heading down the road to Harvey Norman.\n\n“It seemed to work for both of us, which was good,” he said. \n\nImage: Getty
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Harvey Norman posts record result as COVID cocooning boosts demandThe $5.3b company reported record jumps in both sales and profit for the financial year, with total revenue rising 7.6% to $8.23b, and net profit jumping 19.4% to $480.5m.
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Harvey Norman profit up 19.4 per cent | Sky News AustraliaHarvey Norman lifted its sales quite significantly, posting a full year net profit of $480.5 million.\n\nIt also owns a large property portfolio and says the value of its net assets grew by 8.7 per cent during the year to $3.5 billion.\n\nHarvey Norman will pay a dividend of 18 cents per share.\n
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