Harvey Norman’s performance outstrips market

By James Wells

SYDNEY: At its half year profit announcement to market analysts in Sydney today, Harvey Norman reported net profit after tax of $131.86 million, up 18.49 per cent for the six months to 31 December 2005.

Sales for the period from all franchised stores totaled $2.3 billion, up 10.2 per cent from the previous six months. Harvey Norman general manager – electrical David Ackery said “it’s all good, very good”.

Ackery reported that Harvey Norman has almost doubled sales in its components business, which comprises set top boxes and PVRs.

The retailer also performed well in the audio visual (AV) category despite an overall decline in the AV market of 3.5 per cent in units or 207,000 pieces, Harvey Norman still managed to increase its unit sales in the AV market by 20,000 pieces over the same period.

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