Harvey Norman has been unable to match the record sales levels posted at the height of the pandemic in 2020.
In its latest trading update, sales decreased 11.3% for Australian franchisees for the period 1 July to 21 November 2021 compared to the prior corresponding period with comparable sales down 11.1%.
But when compared to 1 July to 21 November 2019, sales were up 16.9% and comparable sales increased by 15.4%.
Sales decreased by 8.8% for wholly owned company-operated stores in New Zealand, Slovenia, Croatia, Ireland and Northern Ireland, majority-owned controlled company-operated stores in Singapore and Malaysia, and independent Harvey Norman, Domayne and Joyce Mayne branded franchised complexes in Australia. Comparable sales were down 9.6%.
However, when compared to 1 July to 21 November 2019, sales were up 16.9% and comparable sales increased by 15.4%.
Unaudited preliminary accounts indicate profit before tax and non-controlling interests of $217.42 million for 1 July to 31 October 2021 compared to $337.11 million in the prior year, a decrease of 35.5%.
Harvey Norman did not provide earnings guidance as “Covid-19 has caused, and continues to cause, great uncertainty about the future economy”.