Harvey Norman Shares Crash On Good Result
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Electrical goods and furniture retailer Harvey Norman Holdings Ltd has reported a 12.7 per cent rise in annual sales to $4.58 billion for 2005/06.

Harvey Norman’s like-for-like sales – a key indicator of a retailer’s performance – increased 7.0 per cent in the year ended June 30. “Demand for flat panel televisions, especially plasma and LCD, continues to be strong,” Harvey Norman chief financial officer Chris Mentis said.

“Extraordinary demand was experienced during the soccer World Cup resulting in substantial growth in the audio visual and information technology category.” The sales result includes sales from the franchised Harvey Norman stores, commercial division and other sales outlets in Australia, New Zealand, Slovenia and Ireland, excluding Singapore and Rebel Sport Ltd. In 2004/05, Harvey Norman reported a 10.6 per cent increase in annual sales to $4.06 billion. Its net profit was $171.4 million.

At 1122 AEST Harvey Norman shares had tumbled 6.63 per cent or 25 cents to $3.51.