Harvey Norman has reported a 7.8% decline in sales for the period from 1 July 2023 to 25 November 2023 compared to the previous corresponding period. Comparable sales for the 21-week period were down 8.7%.
Australian franchisees recorded an 11.6% decrease in total sales with comparable sales down 11.9%. Total sales in New Zealand declined 2.6% with comparable sales dropping 4.1%.
During the period, one franchised complex was opened at Belconnen, ACT. In Malaysia, four new company-operated stores were opened at Shah Alam in Selangor, Kota Kinabalu in Sabah, Pavilion Damansara Heights in Kuala Lumpur and Kuantan in Pahang (electrical and computers only), bringing the total number of stores in Malysia to 32 stores.
This follows a trading update issued in October, which showed a 9.1% sales decrease for the period from 1 July 2023 to 30 September 2023 and a 13.6% sales decline for Australian franchisees.