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  • Harvey Norman has seen its profits rise 7.2 per cent during FY19 on the back of record offshore sales revenue
  • Successful international strategies will be brought to the Australian and New Zealand stores throughout FY20
  • Harvey Norman’s share price is down 1.07 per cent today, currently sitting at $4.62 apiece

Harvey Norman has reported a just over seven per cent increase in profits over the 2019 financial year.

The improved profits come as the homeware and electronics retailer broke offshore sales revenue records, reaching $2 billion for the first time.

Company Chairman Gerry Harvey said Harvey Norman’s overseas stores are driving the business and setting it up for future developments.

“Our 90 company-operated stores overseas continue to thrive and outperform in their respective markets,” Gerry said.

Going forward, the company will continue to develop its international presence, particularly in Malaysia.

Sales in Malaysia, Singapore, Slovenia, and Ireland exceeded the company’s expectations throughout the financial year. Harvey Norman plans to implement strategies which have worked in these international stores to Australia and New Zealand throughout the 2020 fiscal year.

According to Gerry, Harvey Norman’s property portfolio is another standout for the company.

“Our property portfolio continues continues to be a driving point of difference for us, and is a real competitive advantage,” he said.

Valued at almost three billion dollars, the property portfolio accounts for 93 per cent of Harvey Norman’s total net asset base.

Harvey Norman also attributes its integrated business model to the company’s success, which combines its retail, franchise, property, and digital platforms.

Shareholders will receive a final fully franked dividend of $0.21 per share, up 23.5 per cent on the previous year.

Harvey Norman’s share price is down 1.07 per cent today, currently sitting at $4.62 apiece, as of 11:09 am AEST.

HVN by the numbers
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