Harvey Norman shares up 2.9% on continued growth
Make us a preferred source
Make us a preferred source on Google
More news: Harvey Norman shares were 2.86% higher at 12:42pm AEST despite the company posting a fall in annual profits, after its performance exceeded guidance given in June and it reported that its Malaysian expansion was on track.
Harvey Norman annual profit tumbles 33.5%, dividend cut
The news: Consumer goods retailer Harvey Norman has posted a 33.5% slide in full-year profit and trimmed its dividend.
The numbers: Harvey Norman reported a net profit after tax of $539.5 million, down from $811.5 million in FY22, but still higher than the pre-pandemic $402.3 million result of FY19. EBITDA fell from $1.44 billion to $1.13 billion, but the retailer increased the value of net assets 4% to $4.47 billion. Harvey Norman also suffered a $92.9 million drawdown in property revaluations. The board recommended a final dividend of 12 cents per share, taking the full year dividend to 25 cents, down from 37.5 in FY22.
The context: Harvey Norman's diversified homewares, appliances and tech product offerings positioned the retailer well for pandemic stimulus spending, but the high- inflation, high-interest rate environment has softened consumer appetites. Harvey Norman chair Gerry Harvey said the retail chain was still on track to deliver its Malaysian expansion announced last year, and was committed to strengthening the group's global footprint.
The source: ASX Announcement
