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Stronger Euro, $NZ boost Harvey Norman

A stronger euro and New Zealand dollar have helped lift the value of Harvey Norman's sales by four per cent.

Signage outside a Harvey Norman retail store

A stronger euro has helped lift Harvey Norman's sales four per cent for the nine months to March. (AAP)

Harvey Norman has lifted its sales by four per cent in the nine months to the end of March, as a stronger euro and New Zealand dollar boosted the performance of its international stores.

The electrical and homewares retailer made sales of $4.33 billion in the nine months.

Sales from the company's Australian division were up 1.5 per cent compared to the same period a year ago, though the result was weighed down by the closure of five Harvey Norman stores and one Joyce Mayne outlet.

But that was offset by a 16.5 per cent increase in sales from the company's New Zealand outlets, a 16.3 per cent rise in sales from Croatia and Slovenia, and a 23.2 per cent rise in sales in Ireland.

However, sales from Northern Ireland were down 6.3 per cent for the period.

In constant currency terms, and accounting for the store closures, Australian sales were up 3.4 per cent, while New Zealand sales were down one per cent and Slovenia and Croatia fell 1.9 per cent.

On the same basis, the company's Irish stores recorded sales growth of 4.1 per cent while Northern Ireland sales were up 20.3 per cent.

The company's shares gained two cents to $3.28.


2 min read

Published

Updated

Source: AAP


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