Harvey Norman Tepid Growth +1.5%

Written by Oonagh Reidy     30/04/2014 | 11:15 | Category: HOME OFFICE

Tepid sales lift in OZ, but global op's perform better

Harvey Norman Tepid Growth +1.5%Harvey Norman Australian sales rose 1.5% for the nine months to 31 March according to new figures released today. 

Its third quarter marked the largest rise of the three, up 1.8%, suggesting the electronics retailer is enjoying a slight lift, although pales in comparison to JB Hi-Fi sales up almost 7% to $1.94 billion for the half year to December 31. 

Like-for-like sales rose 3.4% for the nine month period, despite the closure of five Harvey Norman franchises and one Joyce Mayne store. 

Total global sales were up 4% to $4.33 billion for the nine months, with NZ stores up 16.5%, Slovenia and Croatia (+16%), Ireland (+23%) all rose significantly, with Northern Ireland the only country to fall, compared to the same time a year ago. 

Like-for-like global sales rose 5.2%, and were positively affected by almost 20% appreciation in the Euro, 13% appreciation in the NZ$ and the UK Pound. 

During the nine months, two new (company operated) stores were opened in New Zealand. 

Despite the positive result, shares fell -1.69% to $3.20 on the ASX today.