Harvey Norman franchisee sales rise

HarveyNorman-exteriorHarvey Norman says sales across its franchisee network in Australia rose 4.8 per cent during the first eight weeks of the current financial year.

This includes its three brands, Harvey Norman, Domayne and Joyce Mayne, with comparable sales up four per cent compared to the same period a year ago.

Harvey Norman released the sales update on Wednesday, just hours before its annual general meeting in Sydney on Thursday.

Total sales from the group’s Australian franchisees and its wholly owned stores in New Zealand, Slovenia, Croatia, Ireland and Northern Ireland – plus majority-owned stores in Singapore and Malaysia – hit $2.45 billion during the four months to October 31.

This was up 4.9 per cent compared to the same period a year earlier.

On a constant currency basis, Malaysia was the only one out its seven markets to post a decline in comparable sales, down three per cent.

Slovenia and Croatia reported the group’s highest comparable sales growth of 18.5 per cent.

Harvey Norman yesterday responded to questions raised by The Australian Shareholders Association who urged investors to vote against all of the furniture and electrical goods retailer’s resolutions at today’s annual general meeting, including the re-election of co-founder Gerry Harvey as executive chairman.

ASA monitor Allan Goldin said the association is concerned about a lack of new faces on the board, a reduction in dividends despite profit growth, and how the company reports its financial exposure to franchisees

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