By Matthew Henry
SYDNEY: Harvey Norman chairman Gerry Harvey today told the retailer’s Annual General Meeting he expects first-half financial year profits to grow between 25 and 35 per cent over the same period last financial year, confirming the group’s continued performance.
The profit guidance offered today confirmed earlier speculation that Australia’s biggest electrical retailer would post a big increase on the $132.87 million result achieved in the same period last year.
According to the Sydney Morning Herald, Harvey told the AGM his group is going “from strength to strength” and that the good times will continue to roll despite who wins the federal election this weekend.
“We are the biggest player and our buying power is good," said Harvey to shareholders and analysts at the AGM in Sydney today, quoted on SMH.com.au.
"Our relationships with our suppliers is excellent and the Australian dollar is strong, and all those things play in our favour."
Despite Kevin Rudd’s promise of a computer for every student in years nine to 12, which some suggest could benefit electrical retailers like Harvey Norman, Gerry Harvey did not take a side in the election.
"If the Liberals win I will likely sell something else," he said, quoted in SMH.com.au.
"Our sales leading up to this election have been quite strong.
"Realistically, it is not going to make a huge difference to our business.”