Harvey Norman founder Gerry Harvey is feeling increasingly optimistic Australia's retail environment will recover in time for the key Christmas trading period.
Harvey Norman founder Gerry Harvey is feeling increasingly optimistic Australia's retail environment will recover in time for the key Christmas trading period after his company's sales boomed 30 per cent over July and August.
Harvey Norman executive chairman Gerry Harvey says the profit surge had"never happened in my lifetime".Profit before tax for July and August also rose significantly, coming in at $178.1 million compared to $62.3 million in the same two months last year, a 185.8 per cent increase., saying this sort of rise had "never happened in my lifetime".
"Every day that goes by encourages you to think it'll be better. I'd still say I don't know, but now I'm more confident than I was a week ago," he said.The continued strong performance by the retailer defied analyst expectations, who had predicted the company's profit would decline in the 2021 financial year after itsMorgan Stanley analyst Niraj Shah said the trading update was "very strong" and well ahead of consensus estimates.
Some retailers, including the major supermarkets, had raised the alarm over potential stock shortages in the lead-up to Christmas thanks to crippled supply chains in Victoria coupled with heightened demand.
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