Harvey Norman expects profits to be down by 30 per cent this fiscal year, according to a statement made to the ASX.

The retailer is expecting profit before tax to be in the range of up or down 5 per cent $670 million for the financial year.

This is down from last year’s $942.8 million profit before tax.

Surprisingly, shares jumped 2 per cent on the opening of the ASX this morning.

This appears in line with the retailer’s disappointing first-half financials, which saw net profit fall 15.1 per cent, to $365.9 million.

This was followed by a slow start to the calendar year, where the retailer suffered through a 10.4 per cent downturn in January trading.

Net property revaluations are forecast to be $119 million for the financial year.

Harvey Norman will reveal its full-year results on August 31.