Harvey Norman has reported a 9.1% increase in aggregated sales revenue for its Australian franchisees for the period 1 July 2022 to 31 October 2022 compared to the previous corresponding period. Comparable sales increased 8.8% during the same period.
Aggregated sales were up 6.9% for wholly owned company-operated stores in New Zealand, Slovenia, Croatia, Ireland and Northern Ireland and majority-owned company-operated stores in Singapore and Malaysia and from independent franchised complexes in Australia.
Aggregated sales were negatively affected by a depreciation in the Euro, UK Pound and New Zealand dollar, offset by appreciation in the Singaporean dollar and Malaysian Ringgit.
There were no openings or closures of franchised complexes during the period. However, Harvey Norman confirmed plans to grow its network in Malaysia from 28 stores to 80 stores by the end of 2028. Store numbers in the country have doubled in the last five years alone.