Harvey Norman co-founder and executive chairman Gerry Harvey’s annual pay has fallen nearly 16 per cent, despite the furniture and homewares retailer’s strong profit growth.

Harvey’s pay totalled $1 million in the year to June 30, down from $1.19 million in the previous year, while chief executive Katie Page, Harvey’s wife, was paid $3.1 million, up from $2.9 million a year earlier.

Harvey Norman’s profit rose 30 per cent to $349 million in 2015/16, thanks to the housing construction and renovation boom.

Harvey bought almost 2.7 million Harvey Norman shares in the 2015/16 financial year, taking his total ownership to 29.83 per cent, according to the group’s annual report, a stake currently worth $1.7 billion.

Harvey Norman shares were down 2.5 cents at $5.205 at 1520 AEST on Friday, giving the company a market value of $5.8 billion.

AAP

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