Harvey Norman shares have outperformed all other stocks on the Australian Stock Exchange today after the company reported a 30 per cent increase in profit for the 12 months ending 30 June.
Shares in Harvey Norman jumped over six per cent during intra-day trading outperforming all other stocks in the ASX 200 stocks.
A statement issued to the ASX by Harvey Norman company secretary, Chris Mentis, said that net profit after tax for the year ending 30 June increased by 30 per cent to $348.61 million compared to the prior year. Profit before tax was $493.76 million compared to $378.1 million in the year prior.
The strong growth in franchisee sales has contributed to a 33.8 per cent increase in the franchising operations segment result to $268.15 million from $200.36 million in the 2015 financial year. The franchising segment operations remains the most significant contributor to the consolidated entity result, comprising 54% of total profit before tax.