Harvey Norman Oz Sales Up 9%, International Takes A Pounding
With Australia’s COVID-19 panic buying extending into consumer electronics, Harvey Norman has posted strong sales – though many of its international stores are dragging on this growth.
This morning on the ASX, Harvey Norman reported that sales at its 195 Australian franchises had increased dramatically, rising by 9.4% year-on-year over the 1st-17th March 2020 period.
Growth at its 39 New Zealand stores rose by 12.4%.
Sales at its franchises in Ireland more than doubled, registering growth of 53%, though Harvey Norman only has 13 stores there.
However, the picture wasn’t as bright for Harvey Norman’s other international franchises. In Northern Ireland sales at its two franchises were down 12.4% and at its flagship Singapore store they fell by 1%.
In Croatia sales rose by a meagre 1%, though the Croation store has been shut down for 30 days from the 19th of March by government decree.
Comparable sales in Malaysia fell by 5%, and this figure will only worsen given that the flagship Malaysian store has been closed from the 18th to the 31st of March under government order.
The company’s five stores in Slovenia have also been closed by government order until further notice, starting from the 16th of March. Still, for the period from the 1st to the 14th of March 2020 sales were down 1.7% year-on-year.
So far the announcement has not affected Harvey Norman’s performance on the ASX, with the share price today remaining relatively stable, falling by 1.1% to $2.82. A month ago this sat at $4.81.