David RichardsHave Harvey Norman shares peaked? Two of the Companies most senior directors Kay Page and chief financial officer John Skippen have sold shares in the retailer.
Married to store founder Gerry Harvey Kay Page who has worked for the store for 20 years netted a small amount of $1.68 million after selling shares from her personal holding and from her “Harvey Norman Share Plan”. John Skippen booked $380,000 after selling 100,000 Harvey Norman shares..
The on-market trades were made last Monday and Tuesday and were not announced to the Australian Stock Exchange until after the market closed on Friday. Ms Page received an average of $3.794 for the 439,790 shares as the Harvey Norman share price closed at $3.79 on Monday and $3.87 on Tuesday. According to Company records Kate Page has 18.98 million fully paid ordinary shares as part of her personal fortune and 593,543 fully paid ordinary shares and 3 million options as part of her indirect interests.
According to the Australian newspaper, In recent weeks Harvey Norman’s share price has jumped from $3.21 on March 8, two days before the interim profit was released, to $3.94 at the close on Friday, a gain of 22.7 per cent. Strong earnings from New Zealand, its 51 per cent interest in Rebel Sport, property and higher franchisee fees pushed interim profit after tax to $131.8 million. Total sales at all of its department stores worldwide totalled $2.3 billion, beating the downturn in the retail market.
Harvey Norman also reported a good start to the second half of the financial year, noting that computer and consumer electronics sales should create further growth for the financial year. Ms Page is the fourth biggest shareholder in the company, with a 1.85 per cent holding.