Harvey Norman profit booms

Electronics and furniture retailer Harvey Norman says it is well-placed for emerging opportunities after reporting a 77.4% earnings gain.

The retailer this morning reported net profit from continuing operations of $324.1 million for fiscal 2007, a 48.8% increase on the previous year’s figure of $217.75 million.

Underlying net profit after tax was $260.35 million, up 28%.

Australia’s booming economy has fuelled retail sales and the demand for technology products is unabated – as evidenced by sales at Harvey Norman, JB Hi-Fi and Dick Smith Electronics.

Harvey Norman chief Gerry Harvey says the retailer would continue rolling out new stores in the 2008 financial year.

The retailer’s previously stated goal of a minimum of 15 new sites a year would be achieved this year, he says.

As well, Harvey Norman will undertake a program of store upgrades and refurbishments.

Inside Retail