Plans for further overseas expansion.

Harvey Norman has reported record offshore retail sales revenue of $2.05 billion – exceeding $2 billion for the first time. Total overseas retail revenue has increased by 48% over the last five years and overseas retail profit has soared 370% over the last five years.

Strong overseas sales performance has been attributed to the company’s flagship stores which have pushed market share gains, increased brand awareness and consumer traction to existing stores in the regions.

Malaysia was the best performing country for the group, recording aggregated sales growth of 35.4% for the year and comparable sales growth of 22.6%, attributed to two new store openings, the continued dominance of the flagships at Ikano and Kuala Lumpur.

Malaysia was followed by Ireland with aggregated sales up 19% and comparable sales increasing 18.4%, as retail stores experienced double digit growth across all key product categories. The ongoing success of the Tallaght flagship (pictured above) has produced positive flow-on effects to the existing store base.

Harvey Norman chairman, Gerry Harvey said the 90 company-operated stores overseas continue to thrive and outperform their respective markets.

“Quality performance like this further enhances our brand in these regions, and provides a solid foundation for future development in the near future. We intend to grow our international retail footprint and are on track with our expansion opportunities.”

Harvey Norman plans to open up to 21 new stores overseas within the next two years, with 14 of those stores in Malaysia, three in Singapore, two in Ireland and two in Croatia. Harvey also said expansion into new countries was on the cards.