Harvey Norman reports sales slide

For Australian franchisees.

Sales from Harvey Norman franchisees in Australia have fallen 1.3% for the period 1 July 2018 to 23 November 2018. Comparable store sales dipped 0.2%

However, total aggregate sales from overseas markets increased 2.7% in comparison to the previous corresponding period to reach $2.88 billion. This includes sales from New Zealand, Slovenia, Croatia, Ireland, Northern Ireland, Singapore and Malaysia. Same store sales were up 3%.

Malaysia was the stand out performer with total sales up 65.4%, followed by Ireland with an increase of 29.8% and then Singapore at 16.1%. Sales were positively affected by an appreciation in the Malaysian Ringgit, Euro and Singaporean dollar.

Earlier this year when the retailer released its FY18 results, plans to expand its overseas business by up to 50% over the next five years were revealed, as its international division delivered its best-ever trading result.

Shortly after releasing its aggregate sales for FY19 to date, Harvey Norman held its annual general meeting on Tuesday, where more than 50% of shareholders voted against its remuneration report, marking a first strike. If repeated at the next AGM, it may result in a board spill.

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