Consumer confidence ready to roar: Gerry Harvey optimistic for 2011

By Keri Algar

SYDNEY, NSW: In a week that saw Harvey Norman’s business model strongly criticised by rogue online trader Ruslan Kogan, Harvey Norman chairman Gerry Harvey has today declared himself “determinedly optimistic” about the 2011 financial year.

The comments follow the giant retailers positive profit results for the year ending 30 June 2010.

The company reported an eight per cent rise in annual net profit after tax, recording $231.41 million, up from $214.35 million last year.

Gerry Harvey said he was pleased with the company’s result and growth potential for 2011.

“The outlook for 2010/2011 looks promising,” said Harvey in statement to the Australian Securities Exchange.

“We believe we are going into a period of full employment, low interest rates and homes with good balance sheets, and the property market has held up very well.”

“Once the outcome of the federal election is announced, the boxes are ticked for consumer confidence to roar.”

Harvey also confirmed that the company was in an excellent position to take advantage of the acquisition of 32 Clive Peeters stores.

“The purchase of Clive Peeters and Rick Hart stores is a strong strategic fit, adding to our existing brands of Harvey Norman, Domayne, and Joyce Mayne, and gives us a complimentary two brand strategy in almost every state of Australia.”

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