Harvey Norman has reported a 9.1% decrease in aggregated sales for the period 1 July 2023 to 30 September 2023, with comparable sales down 10% compared to the previous corresponding period. Unaudited preliminary figures show a 49.1% decrease in profit before tax to $86.23 million.
Australian franchisees experienced the largest drop in total sales and comparable sales, down 13.6% and 13.9% respectively.
New Zealand reported a 1.6% decline in total sales and 3.3% decline in comparable sales. Other countries including Slovenia & Croatia, Ireland, Northern Ireland and Singapore, experienced sales growth for the three-month period.
Total sales in Malaysia remained flat. During the period, three new stores were opened in Malaysia at Selangor, Sabah and Kuala Lumpar, bringing the total number of stores in Malaysia to 31.