Electronics and furniture retailer Harvey Norman has enjoyed strong sales and profit growth in the first few months of the financial year.
Like-for-like sales at its Australian franchises in the three months to September 30 rose 7.1 per cent from the same period a year earlier, and sales in its New Zealand and European business were also higher.
That contributed to a pre-tax profit, excluding property revaluations, of $91.8 million in the period, up 28 per cent on a year ago.
The numbers show the company has continued to enjoy the benefits of a strong housing market, which helped drive a 3.7 per cent rise in franchisee sales in the 2014/15 year.
Harvey Norman shares gained 12 cents, or 3.1 per cent, to $3.98 in their best session since late August.
"The sales results are positive, particularly considering there has been an improvement in sales across all its markets," CommSec market analyst Steven Daghlian said.
"Even though the environment has been challenging for the retailers, Harvey Norman has been one of those, including rival JB Hi-Fi, that has been resilient."
Share
