Electronics and furniture retailer Harvey Norman Holdings says its profits declined in FY23 due to increasing cost pressures and softening demand.
The company, which owns and operates the Harvey Norman, Domayne and Joyce Mayne brands, reported total system sales revenue of $9.193 billion with EBITDA of $1.13 billion and tax-paid profit of $539.52 million, down 33.5 per cent for the year to June 30.
In Australia, franchisee sales fell 4.9 per cent to $6.42 billion. Overseas operational profitability fell 40.1 per cent to $139.06 million, due to macroeconomic headwinds, significant deterioration in business and consumer confidence in New Zealand and a decrease in trading in Europe.
Harvey Norman chair, Gerry Harvey, said: “We are committed to delivering stable returns and sustainable growth from our stakeholders and are well-placed to benefit from any upturn in trading conditions and any growth that may arise from the home renovation cycle, new home starts and net migration increases.”
He added the company is on track to deliver on its Malaysian expansion plan announced last year, and is committed to strengthening its brands and global footprint.
