Harvey Norman’s profit rises

 

harvey norman bondiHarvey Norman’s sales have grown in the three months to September, driving a 24 per cent rise in pre-tax profit.

The retailer’s sales totalled $1.41 billion in the first quarter of the financial year, up 3.2 per cent on the same period a year ago.

Like for like sales, which excludes the impact of new stores and closures, were up 3.4 per cent from a year ago.

The sales growth was partly due to a stronger New Zealand dollar and UK pound, as the company also operates in New Zealand, Ireland, and Northern Ireland.

But even when those factors are excluded, like for like sales were still stronger in all of its markets.

Harvey Norman said its preliminary accounts showed a pre-tax profit of $71.8 million in the three months to September, up from $58.2 million in the same period in 2013.

It turned around two years of declining profit last financial year, growing its bottom line by 49 per cent to $212 million.

Harvey Norman shares gained five cents to $3.81.

AAP

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