Gerry Harvey Wins Thumping Re-Election As Harvey Norman Profits Soar
Gerry Harvey has been overwhelmingly re-elected as executive chairman of Harvey Norman, which posted a massive 160 per cent jump in pre-tax profits in the first four months of the 2020-21 financial year.
Profit at the retailer surged from $131.17 million at this time last year to $341.11 million this year, driven by strong sales growth.
Aggregated worldwide sales from company-owned Harvey Norman stores, as well as franchised Harvey Norman, Domayne, and Joyce Mayne outlets, increased 28.2 per cent over the prior corresponding period in 2019, with comparable aggregated sales going up 27.5 per cent.
Sales increased by 29.7 per cent in Australia, and 19.8 per cent in New Zealand, when measured in Australian dollars.
At today’s virtual annual general meeting, Gerry Harvey received the support of 93 per cent of shares to remain in his position. The company also avoided a third strike against its remuneration report, with 11.4 per cent of shares voting against the report; 25 per cent was needed for a strike.
Pandemic spending has boosted the retailer’s fortunes this year, and Harvey Norman in September announced plans to open 12 new stores, largely overseas. A premium-format store in NSW was opened on October 2, while one small-format store in NSW was shuttered over the past few months.