Harvey Norman records third quarter sales increase

By Paul Hayes

SYDNEY, NSW: Harvey Norman has announced improved sales numbers in the nine months to 31 March 2010, with total sales of $4.64 billion.

The total sales numbers represent a moderate increase of 2.2 per cent over the same time the previous year, while like-for-like sales over the same period increased 1.4 per cent.

Released as part of the retailer’s third quarter sales report, the figures included sales from franchised Harvey Norman complexes, commercial divisions and other sales outlets in Australia, New Zealand, Slovenia and Ireland.

Singapore outlets were excluded from the report.

The retailer pointed out sales figures were influenced by significantly weakened global currencies.

“It should be noted that the sales data has been negatively affected by a 2.9 per cent deterioration in the NZ dollar, a 13.6 per cent deterioration in the Euro and a 21.6 per cent deterioration in the UK Pound.”

In addition to sales figures over the longer period, the report also showed flat sales figures for the three months to 31 March, while like-for-like sales rose just 1.2 per cent in the same period.

News of the modest numbers this morning saw shares in Harvey Norman fall ten cents to $3.46, a drop of around 3 per cent.
 

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