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Harvey Norman Posts Q1 Sales Rise

Harvey Norman Posts Q1 Sales RiseHarvey Norman’s total Australian sales rose 5.7 per cent on last year’s corresponding quarter, with like-for-like sales up 7.1 per cent. Global sales increased 6.1 per cent year-on-year, up 7 per cent on a like-for-like basis, totalling $1.5 billion for the quarter.

Unaudited preliminary accounts indicate profit before tax and minority interests, excluding property revaluation adjustments, of $91.8 million, up 27.8 per cent from $71.9 million in last year’s corresponding quarter.

Harvey Norman chairman Gerry Harvey has told Fairfax Media that “consumer confidence at the moment is not subdued”, stating that it is at its highest in seven or eight years.

“Whatever the surveys show that’s not evidenced by the sales in our stores,” Harvey told Fairfax.

“Customers are obviously spending their money and they’re also looking at buying quality products, as evidenced by the fact that our average selling prices are going up rather than going down – they’re looking at buying things that will last.”

Harvey Norman stated that, compared to last year’s corresponding quarter, its global sales were positively affected by a 6.9 per cent appreciation in the euro and an 18.3 per cent appreciation in the UK pound, while being negatively affected by a 1.5 per cent devaluation in the NZ dollar.

Harvey Norman shares today rose 12 cents to $3.98.